Oil & Gas Storage & Transportation

The Thai stock market index on October 2, 2026 closed at 1,571.62 points, up 7.71 points or 0.49%, with trading value of 71.09 billion baht. Foreign investment flowed out toward U.S. government bonds, which offer lower risk and yields above 5%, while Thai stocks still await third-quarter 2026 earnings. PTT Oil and Retail Business, or OR, sent positive signals as it prepares for a tourism recovery that is driving growth in jet fuel sales. It has also pinned its flag in Phuket and is pressing ahead with budget hotels, gradually opening them in 2027-2028, with a target of 50 locations by 2031. The first phase will pilot six model hotels in high-potential locations: Phuket, Kanchanaburi, Phra Nakhon Si Ayutthaya, Songkhla (Hat Yai), Chonburi and Bangkok, to extend the business and turn PTT Station service stations into safe, standardized overnight stops nationwide. Meanwhile, ITEL won a big project from the Provincial Electricity Authority, or PEA, to organize communications cables across two regions, the central and southern regions, with a combined value of more than 266 million baht, reflecting confidence in its potential and experience in managing communications infrastructure, and positioning it to pursue future telecommunications infrastructure projects. WP completed its share buyback plan as scheduled, repurchasing the full 15,000,000 shares, or 2.94%, for an investment value of 57.08 million baht. CEO Chomkamol Poompanmoung is confident the move will build investor confidence and lift return on equity and earnings per share, while the company proceeds with this year's business plan, targeting LPG sales of 770,000 tons and focusing on expanding the domestic market alongside its rooftop solar business. BA, Bangkok Airways, is passing on something special to thank passengers on the occasion of winning the World's Best Regional Airline and Best Regional Airline in Asia awards from the SKYTRAX World Airline Awards for the 10th consecutive year, with the Lucky TEN campaign, building on the Thank You for 10 Amazing Years campaign launched last September. It invites passengers to join a draw for the right to buy tickets at a special 90% discount, or pay only 10% of the Web Promo (P-Q Class) fare, on five domestic routes, limited to just 200 entitlements, from October 5-9, 2026 only.

TC Energy Corporation has confirmed that Coastal GasLink Phase 2 will proceed following LNG Canada's expansion decision, nearly doubling capacity along the existing 670-kilometre route in British Columbia through new compressor stations and facility upgrades. Construction on the expansion is expected to start in early 2027, with service targeted for the early 2030s. The company also declared a continued quarterly dividend of C$0.8775 per share, or C$3.51 annualized. TC Energy's narrative projects CA$18.2 billion in revenue and CA$5.3 billion in earnings by 2029, with a fair value estimate of CA$98.78 implying 17% upside to the current price. Two fair value estimates from the Simply Wall St Community span from C$33.89 to C$98.78.

South Bow Corp. raised its 2026 distributable cash flow guidance to about US$665 million after a stronger-than-expected first half, while maintaining a quarterly dividend of US$0.50 per share. The higher guidance follows second-quarter 2026 distributable cash flow of US$175 million, up 4% from the first quarter, and reflects fee-based revenue from the Keystone Pipeline System that currently covers the dividend. The company's narrative projects $2.1 billion in revenue and $458.8 million in earnings by 2029, assuming 1.9% yearly revenue growth and a slight $1.2 million earnings decrease from $460.0 million today, with a CA$51.03 fair value implying 6% upside. Elevated debt levels and interest costs remain the key risk to watch, even as the upgraded cash flow outlook supports the near-term cash flow stability case.

Cheniere Energy is positioned to potentially extend its earnings-beat streak when it reports next on October 29, 2026, according to Zacks Investment Research. The natural gas company has topped estimates in each of its last two quarters, posting $3.02 per share against a $2.89 consensus for a 4.50% surprise, and $4.77 per share against a $3.91 consensus for a 21.99% surprise, an average surprise of 13.25% over that span. Cheniere Energy currently carries a Zacks Earnings ESP of +14.87% alongside a Zacks Rank #3 (Hold), a combination Zacks research shows produces a positive surprise nearly 70% of the time. The Earnings ESP compares the Most Accurate Estimate with the Zacks Consensus Estimate for the quarter, on the premise that analysts revising estimates just before a release hold the latest information.

Kinder Morgan holds a Zacks Rank #3 (Hold), with the consensus estimate for the current quarter at $0.33 per share, up 13.8% year over year and up 0.4% over the last 30 days. The consensus estimate for the current fiscal year stands at $1.56, a year-over-year change of +20% and up 0.5% over the past month, while the next fiscal year's consensus of $1.55 indicates a change of -0.4% and has remained unchanged over the past month. Consensus sales estimates are $4.38 billion for the current quarter, up 5.7% year over year, with $18.34 billion and $18.99 billion projected for the current and next fiscal years, changes of +8.3% and +3.6% respectively. In the last reported quarter, Kinder Morgan posted revenues of $4.48 billion, up 10.8% year over year, and EPS of $0.37 versus $0.28 a year ago, beating the Zacks Consensus Estimate of $4.29 billion by 4.33% on revenue and by 19.35% on EPS. Over the last four quarters the company surpassed consensus EPS estimates three times and topped consensus revenue estimates each time, while its Zacks Value Style Score of D indicates it is trading at a premium to its peers.

WP Energy Public Company Limited, or WP, closed its share buyback programme for financial management on 24 September 2026, repurchasing the full 15,000,000 shares, representing 2.94% of total issued shares, with a total investment value of 57,084,060 baht out of a maximum buyback budget of no more than 63,000,000 baht under the programme approved by the board at its 6/2569 meeting. Ms. Chomkamol Poompanmuang, Chief Executive Officer of WP, said the buyback will help put excess liquidity to productive use and increase shareholder return on equity, or ROE, as well as net profit per share, or EPS. She also stressed that the company continues to press ahead with its 2026 business plan, targeting LPG sales of 770,000 tonnes, focusing on the domestic market across the petrochemical, industrial and household sectors, alongside expanding its solar rooftop business and seeking investment opportunities in alternative energy businesses related to its core operations to support future growth.

WP Energy Public Company Limited, or WP, closed its share buyback programme for financial management on 24 September 2026, repurchasing the full 15,000,000 shares, equivalent to 2.94% of total issued and paid-up shares, for a total investment of 57,084,060 baht, against a maximum budget of 63,000,000 baht approved by the board at its 6/2569 meeting. Chief Executive Officer Chomkamol Poompanmuang said the programme will help put excess liquidity to productive use, raise shareholder return ratios and earnings per share, and build investor confidence in the company's potential and strong business fundamentals. For its 2026 business plan, the company targets LPG gas sales of 770,000 tonnes, focusing on domestic sales across the petrochemical, industrial and household sectors, while continuing to expand its solar rooftop business and seeking opportunities to grow businesses related to its core operations and alternative energy to support future growth.

WP Energy Public Company Limited, or WP, announced the completion of its share buyback programme for financial management on 24 September 2026, having repurchased the full planned amount of 15,000,000 shares, representing 2.94% of total issued and paid-up shares, with a total value of 57.08 million baht. The programme was approved by the company's board of directors at its 6/2026 meeting, with a maximum buyback budget of no more than 63 million baht and a maximum of 15 million shares at a par value of 1 baht per share, running from 1 July to 31 December 2026. Chief Executive Officer Chomkamol Poompanmuang said the buyback will help manage excess liquidity efficiently while raising return on equity, or ROE, and earnings per share, or EPS. For the remainder of 2026, the company targets liquefied petroleum gas, or LPG, sales of 770,000 tonnes, focusing on expanding the domestic market across the petrochemical, industrial and household sectors. At the same time, it continues to expand its Solar Rooftop business and is looking for investment opportunities in businesses related to its core operations and in alternative energy, in order to diversify revenue sources and support future growth.

WP Energy Public Company Limited, or WP, closed its share buyback programme for financial management on 24 September 2026, repurchasing the full 15,000,000 shares, or 2.94% of total issued and paid-up shares, for a total investment of 57,084,060 baht, within the maximum budget of 63,000,000 baht approved by the board at its 6/2026 meeting. The shares have a par value of 1 baht each, and the programme ran from 1 July to 31 December 2026. Chief Executive Officer Chomkamol Poompanmuang said the company is confident the buyback will put excess liquidity to productive use and lift return on equity, or ROE, as well as earnings per share, or EPS, strengthening investor confidence in the business's potential. For the remainder of the year, overall business continues to grow in line with plan, with 2026 LPG sales targeted at 770,000 tonnes, focused mainly on domestic sales across the petrochemical, industrial and household sectors. At the same time, the company is pressing ahead with expanding its solar rooftop business and is looking for opportunities to expand into businesses related to its core operations and alternative energy to support future growth.

WP Energy Public Company Limited (WP) announced the closure of its share repurchase programme for financial management on 24 September 2026, having bought back the full 15,000,000 shares, representing 2.94% of total issued and paid-up shares, with a total investment value of 57,084,060 baht out of a maximum buyback budget of not more than 63,000,000 baht approved by the company's board of directors at its 6/2569 meeting. The shares have a par value of 1 baht per share, and the programme period ran from 1 July to 31 December 2026. Chief Executive Officer Chomkamol Poompanmuang stated that the programme will help put excess liquidity to productive use and increase shareholder return on equity (ROE) and earnings per share (EPS), while building investor confidence in the company's potential and strong business fundamentals. For 2026, the company targets LPG gas sales of 770,000 tonnes, focusing mainly on domestic sales across the petrochemical, industrial, and household sectors. At the same time, it continues to expand its solar rooftop business and is looking for opportunities to expand into businesses related to its core operations and alternative energy to support future growth.

WP has completed its share buyback programme, repurchasing the full 15,000,000 shares, or 2.94% of total shares, for an investment value of 57.08 million baht. CEO Chomkamol Poompanmuang said the buyback will boost investor confidence and lift returns to shareholders and net profit per share, underscoring the strength of the stock's fundamentals. The company is pressing ahead with its 2026 business plan, targeting LPG sales of 770,000 tonnes, with a focus on expanding the domestic market alongside its Solar Rooftop business to support future growth. Meanwhile, PROUD is reaffirming its position as a Luxury Wellness Developer through its luxury detached-home project Waran, Chaengwattana-Ratchaphruek, under the concept Sanctuary of Well-being, complete with a Pet Park designed from an understanding of the behaviour of all living things, including pets that are increasingly cared for as family members. TIPAK, a fully integrated developer and distributor of kraft paper packaging products, is preparing to list on the Stock Exchange of Thailand on 5 October 2026 with an IPO of 143.68 million shares at 1.85 baht per share, representing a P/E ratio of 6.38 times.

TC Energy has confirmed that Coastal GasLink Phase 2 will move ahead after LNG Canada approved its own expansion, tying the pipeline operator more directly to future liquefied natural gas export volumes. The news comes as TC Energy shares have fallen about 12% over the past 90 days and roughly 4% over the past month, even as the company advanced projects including lifting the Mountaineer Xpress force majeure. That pullback sits against a 1-year total shareholder return of about 14% and a 3-year total shareholder return of roughly 131%. TC Energy last closed at CA$82.70, while the most followed narrative assigns a fair value of CA$98.78, framing the stock as 16% undervalued. The current P/E ratio of 23.6x sits above the Canadian Oil and Gas industry at 19.3x and edges past the fair ratio of 23x, though it remains below the direct peer set at around 26.1x earnings.

TC Energy Corporation has announced that Coastal GasLink Phase 2 will proceed after LNG Canada and its joint venture partners reached a positive final investment decision on the expansion of the LNG Canada facility, satisfying the conditions tied to TC Energy's previously approved conditional FID for the project. The existing Coastal GasLink pipeline transports about 2.1 billion cubic feet per day of natural gas, and Phase 2 is expected to nearly double that capacity through new compressor stations and facility upgrades along the existing 670-kilometer route connecting Dawson Creek with the LNG Canada liquefaction facility in Kitimat, British Columbia. Shell plc, through its affiliate Shell Canada Energy, took a final investment decision on the second phase of the LNG Canada project in Kitimat, clearing the way for an expansion that will double the facility's production capacity to 28 million tons per year from 14 million tons. The project will follow an integrated delivery model, with LNG Canada serving as the Phase 2 Execution Manager while Coastal GasLink remains the pipeline's owner, operator and permit holder, a structure designed to limit Coastal GasLink's capital commitments and exposure to construction cost and schedule risks. Construction of Coastal GasLink Phase 2 is expected to begin in early 2027, with the project anticipated to enter service in the early 2030s.

Cheniere Energy's subsidiary Cheniere Marketing has entered into a 22-year LNG sale and purchase agreement with Petrobras, Brazil's largest oil and gas company, for approximately 0.8 million tons per annum of LNG on a free-on-board basis. The deal adds long-duration contracted volumes to Cheniere's portfolio and supports its strategy of expanding brownfield liquefaction capacity at existing facilities. Cheniere chairman, president and chief executive officer Jack Fusco said the agreement reinforces the company's position as a leading global LNG provider while providing additional commercial support and fixed-fee cash flow visibility to underpin further brownfield liquefaction capacity growth. For Petrobras, the 22-year SPA secures long-term supply visibility, while the FOB structure gives the buyer greater flexibility over LNG logistics and transportation. Both Cheniere Energy and Petrobras currently carry a Zacks Rank #3 (Hold).

Cheniere Energy subsidiary Cheniere Marketing has signed a long-term liquefied natural gas sale and purchase agreement with Petrobras covering approximately 0.8 million tonnes per annum on a free-on-board basis for 22 years. The deal was announced by the Houston-based company, which said the volumes will come from its marketing arm. Cheniere Chairman, President and Chief Executive Officer Jack Fusco said the multi-decade agreement reinforces Cheniere's position as a leading global LNG provider and provides additional commercial support and fixed fee cash flow visibility to underpin further brownfield liquefaction capacity growth. Cheniere operates the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with total production capacity of approximately 56 mtpa of LNG in operation and an additional approximately 5 mtpa of expected production capacity under construction.

TC Energy Corporation announced that Coastal GasLink Phase 2 will proceed after LNG Canada and its joint venture participants reached a positive Final Investment Decision on expanding the LNG Canada facility, satisfying conditions tied to TC Energy's previously approved conditional FID. The pipeline currently transports approximately 2.1 Bcf/d of natural gas, and Phase 2 will nearly double that capacity by adding compressor stations and upgrading facilities along the existing 670-kilometre route from Dawson Creek to the LNG Canada liquefaction facility in Kitimat, northern British Columbia. Under commercial agreements announced earlier this year, LNG Canada will lead construction as Phase 2 Execution Manager while CGL remains owner, operator and permit holder, a structure that limits CGL's capital commitments and exposure to construction cost and schedule risks. Construction is expected to begin in early 2027 with anticipated in-service in the early 2030s, and up to 2,100 people are expected to be employed at peak construction across five sites. CGL's legacy includes more than $1.8 billion in contracts awarded to Indigenous and local businesses, more than $13 million invested in local communities, non-profits and sponsorships, and approximately 25,700 full-time-equivalent jobs created in British Columbia.

Uni-Fuels Holdings Limited reported first-half revenue of $197.11 million, up 72.0% year over year. Net income came in at approximately US$1.4 million, compared with approximately US$0.1 million for the six months ended June 30, 2025. EBITDA was approximately US$2.1 million for the six months ended June 30, 2026, compared with approximately US$0.3 million for the six months ended June 30, 2025. The results were disclosed in a company press release.

Truist raised its price target on Targa Resources Corp. to $345 from $312 while reaffirming a Buy rating, citing the company's 20-year fee-based agreement with ExxonMobil for Permian processing and downstream volumes. The new target implies upside of over 19% from current levels and exceeds the stock's all-time high of just under $308. Targa plans three new natural gas processing plants in the Permian Delaware with an aggregate capacity of roughly 825 MMcf/day, plus a 70-mile natural gas pipeline, Bull Run II, supported by take-or-pay commitments, though the plants and pipeline are not expected in service until the first half of 2028. The company now expects full-year 2026 adjusted EBITDA at the top end of its guidance range of $5.7 billion to $5.9 billion, while raising its 2026 growth capital estimate to $5 billion. Targa shares have gained almost 55% since the beginning of 2026, and the stock was held by 54 hedge funds at the end of Q2 2026 with a total investment value of just over $1.7 billion.

TC Energy Corporation announced on September 21 that it agreed to sell Energía Occidente de México, which owns the Guadalajara-Manzanillo pipeline, to affiliates of ESENTIA for a gross purchase price of approximately C$560 million, or US$400 million. Closing is expected in the first half of 2027, subject to customary conditions, regulatory approvals and consents, and management intends to redeploy the capital into growth opportunities across North America. The 313-kilometer pipeline can transport up to 500 million cubic feet of natural gas daily, serving power plants and industrial customers in Colima and Jalisco, and after closing TC Energy will retain a Mexican network of approximately 3,300 kilometers of pipeline and 8.7 billion cubic feet per day of installed transportation capacity. TC Energy did not disclose the asset's standalone annual earnings or cash contribution, leaving investors unable to assess the sale valuation against the income being surrendered. The company reported approximately C$3 billion of new projects sanctioned during the first half of 2026, including the Central Virginia Capacity and Clark expansions representing approximately US$400 million of combined investment and backed by 20-year take-or-pay contracts, though those projects have expected service dates in 2028 and 2030 and would not immediately replace income lost after a first-half 2027 disposal.

Hafnia Limited has agreed to acquire 1,700,000 A shares in TORM plc at USD 34.00 per share, a stake equal to 1.66% of TORM's issued and outstanding share capital. Following completion of the acquisition, Hafnia will hold approximately 19.85% of TORM's issued and outstanding share capital. Hafnia said it will fund the purchase with cash on hand and its available credit facilities. Hafnia is one of the world's leading tanker owners, operating around 180 vessels with more than 4,000 employees onshore and at sea, and is part of the BW Group.

Hess Midstream LP reported second-quarter 2026 earnings of 75 cents per Class A share, up 1.4% year over year and 8.7% above the Zacks Consensus Estimate, even as revenues and other income declined 3.7% to $399 million. Lower throughput was the main drag on revenue, partly offset by higher tariff rates and third-party services, which more than doubled to $17.9 million from $8.2 million. Operating and maintenance expenses fell to $85.9 million from $94.1 million a year earlier, lifting the gross Adjusted EBITDA margin to 85% from 82%, though Adjusted EBITDA still slipped 0.7% to $313.7 million from $316 million. Management expects second-half volumes to exceed first-half levels, with full-year guidance of 450-460 MMcf/d for gas gathering, 435-445 MMcf/d for gas processing and 125-135 MBbl/d for both crude terminaling and water gathering, and it guided third-quarter Adjusted EBITDA to $310-$320 million as deferred maintenance and higher capital spending shift into the second half. Full-year Adjusted EBITDA guidance stands at $1.225-$1.275 billion, roughly flat at the midpoint versus 2025, while the Zacks Consensus Estimate for 2026 earnings is $2.94 per share, a 2.8% year-over-year increase.

Hess Midstream LP is guiding 2026 adjusted free cash flow to $910-$960 million, up from $779.1 million in 2025, as capital spending falls to about $105 million from $247.5 million last year. At the midpoint, roughly $280 million of adjusted free cash flow after targeted distributions is expected to remain available for incremental shareholder returns and debt repayment, and management targets at least 5% annual distribution-per-share growth through 2028 while leverage falls below 3.0X in 2026 and toward roughly 2.5X by 2028. The cash-flow gain is offset by a flat operating outlook: full-year 2026 oil and gas volumes are guided broadly flat with 2025, and Adjusted EBITDA of $1.225-$1.275 billion is roughly flat at the midpoint versus $1.238 billion in 2025, after second-quarter oil terminaling fell 15% year over year, water gathering declined 12% and gas processing slipped 4%. Cash flow visibility rests on long-term commercial agreements with Chevron and third-party services that are 100% fee-based, mostly extend through 2033, and cover roughly 95% of 2026 revenues through minimum volume commitments, with fixed-fee rates adjusted annually for inflation up to 3%. HESM trades at 13.19X forward 12-month earnings, near its five-year median of 13.23X but above the Zacks sub-industry's 9.41X, and carries a Zacks Rank #2 (Buy) alongside a Value Score of D, Growth Score of C, Momentum Score of F and VGM Score of D.

Sakol Energy Public Company Limited, or SKE, disclosed that its third-quarter 2026 operating results are expected to grow compared with the same period last year, driven by the overall power generation and sales of the Mae Krathing biomass power plant (MKP), which has continued to improve, and by the positive effects of adjusting the business model of its N15 Saraburi branch from producing fuel from waste to providing RDF drying services instead. Most recently, N15 Technology Company Limited, a subsidiary of SKE, signed an agreement to procure and deliver fuel from industrial waste with Circular Camp Company Limited, which is 100% held by Gulf WTE Company Limited, or GWTE, a subsidiary of Gulf Development Public Company Limited, or GULF, with a production capacity of not less than 75 tonnes per day for a period of three years. The deal is expected to generate additional revenue of 30 million baht per year, with gross profit estimated at around 20%, and revenue is expected to begin being recognised in the second half of next year. At present, about 80% of revenue comes from the biomass power plant business, about 16% from the waste management and RDF fuel production business under N15, and the remainder from other businesses. In addition, SKE plans to invest no more than 10 million baht more in the second half of this year to upgrade the production line and plant area of its N15 Chonburi branch to accommodate rising waste volumes and RDF demand, as well as new work from GWTE. In 2026, the company will focus on reducing expenses, including cutting the scope of services from external agencies, improving personnel efficiency, managing meetings, and reducing director remuneration, after the board and executives voluntarily gave up their monthly remuneration.

TC Energy said Monday it agreed to sell Energía Occidente de México, the entity that owns the Guadalajara-Manzanillo Pipeline, to Esentia Energy Development for C$560M, or about US$400M. The 313-km pipeline transports up to 500M cf/day of natural gas, connecting imported liquefied natural gas supply near Manzanillo and continental gas supply near Guadalajara to power plants and industrial customers in the Mexican states of Colima and Jalisco. President and CEO Francois Poirier said the transaction reflects the company's continued focus on portfolio optimization and long-term value creation. Following closing, TC Energy said it will continue to own and operate its broader Mexico gas pipeline network, including 3,300 km of pipeline and 8.7 Bcf/day of installed natural gas transportation capacity.

Kinder Morgan has become one of the most searched-for stocks on Zacks.com, with shares returning +2.8% over the past month against the Zacks S&P 500 composite's -1.3% change. For the current quarter, the company is expected to post earnings of $0.33 per share, a change of +13.8% from the year-ago quarter, and the Zacks Consensus Estimate has moved +1.6% over the last 30 days. The consensus earnings estimate of $1.55 for the current fiscal year indicates a year-over-year change of +19.2%, while the next fiscal year's consensus estimate of $1.55 indicates a change of -0.1%. Consensus sales estimates stand at $4.49 billion for the current quarter, $18.49 billion for the current fiscal year and $19.28 billion for the next fiscal year, indicating changes of +8.3%, +9.2% and +4.2%, respectively. Kinder Morgan reported revenues of $4.48 billion in the last reported quarter, a year-over-year change of +10.8%, with EPS of $0.37 versus $0.28 a year ago, and it is rated Zacks Rank #3 (Hold).

TD Cowen upgraded Targa Resources from Hold to Buy on September 18 and raised its price target from $275 to $350, implying nearly 20% upside and exceeding the stock's record high of just under $308. The firm cited expected Permian Basin wet gas growth and peer-leading EBITDA growth, and expects Targa's free cash flow yield to rise from 6% in 2026 to more than 10% in 2028, versus an estimated 8.5% FCF yield for peers in 2030. A key driver is the 20-year fee-based agreement Targa signed with ExxonMobil last month, which includes three planned natural gas processing plants in the Permian Delaware with aggregate capacity of roughly 825 MMcf/day. Targa reported record second-quarter adjusted EBITDA of $1.60 billion, up 38% from a year earlier, and now expects full-year 2026 adjusted EBITDA at the top end of its previous $5.7 billion to $5.9 billion guidance range. The company raised its FY2026 growth capital estimate to $5 billion for the new Delaware plants, associated field capital and the Bull Run II pipeline, while execution risk remains across its projects under construction.

BMO Capital upgraded Enbridge from Market Perform to Outperform on September 15 and slightly raised its price target from C$79 to C$79.50, implying 18% upside from current levels. The analyst cited Enbridge's scale, limited commodity exposure, diversified assets, improving visibility on growth, robust backlog, opportunistic acquisitions and an improved balance sheet, after the shares declined about 17% from their May record high. Enbridge announced on September 9 that it would acquire Tallgrass Energy's crude oil business for $2.55 billion in cash, expanding its US liquids pipeline network through a majority stake in the Pony Express Pipeline and other assets, and last month agreed to buy Salt Creek Midstream's crude oil gathering business for $600 million in cash. The company carries a C$41 billion secured growth backlog, has approved roughly C$9 billion of projects this year and has sanctioned up to C$20 billion in projects through the end of the decade, while 98% of its cash flow comes from long-term, inflation-protected, rate-regulated contracts and its dividend yields 5.78% after 31 consecutive years of quarterly payout growth. Concerns remain over leverage and dilution: Enbridge recently closed a C$3 billion equity offering to partly fund the acquisitions, and reported a 5.1x debt-to-EBITDA ratio at the end of the second quarter. The stock was held by 31 hedge funds at the end of Q2 2026 with a total investment value of $3.3 billion, down from 37 hedge funds and just over $4.5 billion in the prior quarter.

Kinder Morgan declared a quarterly dividend of $0.2975 per share, an annualized $1.19, a 2% increase over 2025, following six straight quarters at $0.29. On the company's second quarter 2026 earnings call, CFO Kimberly Dang said adjusted EBITDA rose 12% from the second quarter of 2025 while adjusted earnings per share climbed 32%, with every business segment contributing. Kinder Morgan now expects 2026 adjusted EBITDA to land at least 5% above its original budget and adjusted EPS at least 12% above it, and CFO David Michels put the outperformance at more than $430 million of additional EBITDA contribution versus plan. Net debt to adjusted EBITDA ended the quarter at 3.6 times, down from 3.8 times at the start of the year, and the company still has $9.6 billion in its growth backlog after placing more than $650 million of projects into service. The payout ratio landed at 76.70%, climbing back from a low of 65.66% the quarter before, while the stock's yield sits at 3.78%, well under its 4.88% mean; TIKR's mid-case model puts a $41 target price on the stock by year-end 2030, a 30% total return and a 6% annualized rate.

Targa Resources reported a record second quarter on August 6, with adjusted EBITDA of $1.60 billion, up 38% from a year earlier, and management now expects full-year results near the top of its guidance range. Adjusted EBITDA also rose 14% from the first quarter, helped by Permian gas volumes that added over 450 million cubic feet of daily throughput, while NGL pipeline, fractionation and LPG export volumes all set records with the help of Train 11, a new fractionator in Mont Belvieu, Texas. The East Driver processing plant serving the Midland side of the Permian started up late in the quarter and ahead of schedule, and on July 16 Targa declared a $1.25 per share quarterly dividend, 25% above the payout for the second quarter of 2025, payable August 14 to holders of record on July 31, while spending $80 million buying back shares during the quarter. Targa plans about $4.5 billion in net growth spending this year, and its consolidated debt stood at $19,578 million on June 30, with about $3.2 billion of liquidity as a cushion; in July it extended its receivables securitization facility to July 30, 2027 and raised the size to as much as $800 million. Management tied the higher outlook partly to strong marketing margin and optimization work in the first two quarters, income that can be lumpy, while lower natural gas prices trimmed gathering margins and Waha curtailments showed producers can pull back when local prices turn ugly.

TD Cowen upgraded Targa Resources to Buy from Hold and raised its price target to $350 from $275, sending the oil and gas infrastructure company's shares up 3.3% in Friday's trading. Analyst Jason Gabelman cited expected Permian Basin wet gas growth and peer-leading EBITDA growth, saying Targa has grown its Permian gas processing volumes faster than underlying robust Permian gas growth, a trend he expects to continue on producer activity and expanding gas-to-oil ratios. He forecast 17 new processing plants through 2030 and two plants per year beyond 2030, underpinned by maintained market share and Targa's relationship with Permian-growth leader Exxon. Gabelman also sees Targa's free cash flow yield improving to greater than 10% in 2028 from 6% in 2026, versus peer FCF yield of 8.5% in 2030, supported by EBITDA growth from new processing plants and completion of the large Speedway NGL pipeline capital project, which he said could push the market toward a 2030 valuation methodology rather than 2027 EBITDA.

South Bow Corp. reported second-quarter 2026 revenue of $546 million and net income of $134 million, or $0.64 a share, as disrupted global crude flows drove shippers to its US Gulf Coast system. Throughput on the US Gulf Coast segment of the Keystone Pipeline System averaged roughly 800,000 barrels per day, up from 709,000 bbl/d in the first quarter and 760,000 bbl/d a year earlier, lifting normalized EBITDA to $280 million, a 9% increase from the first quarter, and distributable cash flow to $175 million, up 4% sequentially. The board declared a quarterly dividend of $0.50 a share, payable October 15, to shareholders of record as of September 29, and management raised full-year guidance to $1.04 billion in normalized EBITDA and $665 million in distributable cash flow. An open season closed with 20-year binding commitments from nine customers for 465,000 bbl/d of firm transportation service from Hardisty, Alta., to US delivery points. South Bow warned that third-quarter normalized EBITDA will land about 10% below the second quarter's $280 million as declining crude inventories at Cushing, Okla., tighten pricing differentials, and it raised growth capital spending guidance to approximately $80 million, largely for $65 million of pre-final investment decision costs tied to the proposed Prairie Connector and Liberty Bridge Pipeline projects, with a final investment decision not targeted until mid-2027.