← Enterprise Products Partners LP overview

Enterprise Products Partners LP vs ONEOK: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Enterprise Products Partners LP (EPD)

Q3 20266 Jul – 30 Jul 2026

▲4

Record Q2 earnings and new growth projects drive EPD higher

Record Q2 earnings and distribution increase EPD reported record Q2 net income of $1.8 billion, up 28%, with adjusted EBITDA up 17% to $2.8 billion. Cash flow covered the distribution 1.9 times, and the payout rose to $0.56 per unit. This shows the business is growing and returning more cash to investors.
This is the period's biggest new event and directly boosts investor confidence in EPD's earnings and payout.
$6.5 billion in new growth projects EPD announced a new NGL fractionator and two Permian gas processing plants, bringing total projects under construction to $6.5 billion. These fee-based assets should generate steady cash flow for years, supporting future distribution increases and unit buybacks.
New capital projects signal future growth and are a key reason investors are positive on EPD.
Strong long-term demand from LNG and AI power U.S. LNG export capacity is projected to nearly double by 2030, and AI data centers are driving a 60% rise in electricity demand by 2045. EPD's pipelines and terminals earn fees on these growing volumes, giving it durable tailwinds.
This explains the multi-year demand backdrop that supports EPD's volumes and earnings.
Buyback and 27-year distribution streak EPD repurchased $159 million of units in Q2 under its $5.0 billion buyback program and has raised its distribution for 27 straight years. This steady return of cash and consistent payout growth attracts income-focused investors.
Buybacks and a long distribution growth streak are key supports for EPD's unit price.

July 20266 Jul – 30 Jul 2026

▲4

Record Q2 earnings and new growth projects drive EPD higher

Record Q2 earnings and distribution increase EPD reported record Q2 net income of $1.8 billion, up 28%, with adjusted EBITDA up 17% to $2.8 billion. Cash flow covered the distribution 1.9 times, and the payout rose to $0.56 per unit. This shows the business is growing and returning more cash to investors.
This is the period's biggest new event and directly boosts investor confidence in EPD's earnings and payout.
$6.5 billion in new growth projects EPD announced a new NGL fractionator and two Permian gas processing plants, bringing total projects under construction to $6.5 billion. These fee-based assets should generate steady cash flow for years, supporting future distribution increases and unit buybacks.
New capital projects signal future growth and are a key reason investors are positive on EPD.
Strong long-term demand from LNG and AI power U.S. LNG export capacity is projected to nearly double by 2030, and AI data centers are driving a 60% rise in electricity demand by 2045. EPD's pipelines and terminals earn fees on these growing volumes, giving it durable tailwinds.
This explains the multi-year demand backdrop that supports EPD's volumes and earnings.
Buyback and 27-year distribution streak EPD repurchased $159 million of units in Q2 under its $5.0 billion buyback program and has raised its distribution for 27 straight years. This steady return of cash and consistent payout growth attracts income-focused investors.
Buybacks and a long distribution growth streak are key supports for EPD's unit price.

Latest6 Jul – 30 Jul 2026

▲4

Record Q2 earnings and new growth projects drive EPD higher

Record Q2 earnings and distribution increase EPD reported record Q2 net income of $1.8 billion, up 28%, with adjusted EBITDA up 17% to $2.8 billion. Cash flow covered the distribution 1.9 times, and the payout rose to $0.56 per unit. This shows the business is growing and returning more cash to investors.
This is the period's biggest new event and directly boosts investor confidence in EPD's earnings and payout.
$6.5 billion in new growth projects EPD announced a new NGL fractionator and two Permian gas processing plants, bringing total projects under construction to $6.5 billion. These fee-based assets should generate steady cash flow for years, supporting future distribution increases and unit buybacks.
New capital projects signal future growth and are a key reason investors are positive on EPD.
Strong long-term demand from LNG and AI power U.S. LNG export capacity is projected to nearly double by 2030, and AI data centers are driving a 60% rise in electricity demand by 2045. EPD's pipelines and terminals earn fees on these growing volumes, giving it durable tailwinds.
This explains the multi-year demand backdrop that supports EPD's volumes and earnings.
Buyback and 27-year distribution streak EPD repurchased $159 million of units in Q2 under its $5.0 billion buyback program and has raised its distribution for 27 straight years. This steady return of cash and consistent payout growth attracts income-focused investors.
Buybacks and a long distribution growth streak are key supports for EPD's unit price.

ONEOK Inc (OKE)

Q3 20267 Aug – 2 Sep 2026

▲4

ONEOK's AI Gas Deal and $4.4B Permian Buy Reshape Growth

First AI data-center gas supply deal ONEOK signed its first deal to supply natural gas to a 1-gigawatt power plant for AI data centers, a $100 million project with strong returns. It is in late talks on more such deals, opening a new demand source for its pipelines.
New demand channel that can lift long-term volumes and earnings.
$4.425B Brazos Permian acquisition ONEOK agreed to buy Brazos Midstream's Permian assets for $4.425 billion, more than doubling its Midland Basin processing capacity to about 2.3 Bcf/d. The deal is immediately accretive and speeds deleveraging without issuing common stock.
Major growth deal that expands core Permian footprint and earnings.
Apollo-backed $5B debt overhaul Apollo is investing $9 billion in minority equity, with $5 billion used to cut debt. ONEOK launched a $5 billion debt repayment plan and tender offer, aiming to lower leverage to 3.25x and improve free cash flow without diluting common shareholders.
Strengthens balance sheet and funds acquisition, reducing financial risk.
Record Q2 results and raised guidance ONEOK beat Q2 estimates with $1.53 EPS on record NGL volumes and $12.05 billion revenue, then raised 2026 net income guidance to $3.41–$3.79 billion. Shares have gained 9.2% since the report, reflecting stronger cash flow and confidence.
Confirms operational strength and upward earnings trajectory.

August 20267 Aug – 2 Sep 2026

▲4

ONEOK's AI Gas Deal and $4.4B Permian Buy Reshape Growth

First AI data-center gas supply deal ONEOK signed its first deal to supply natural gas to a 1-gigawatt power plant for AI data centers, a $100 million project with strong returns. It is in late talks on more such deals, opening a new demand source for its pipelines.
New demand channel that can lift long-term volumes and earnings.
$4.425B Brazos Permian acquisition ONEOK agreed to buy Brazos Midstream's Permian assets for $4.425 billion, more than doubling its Midland Basin processing capacity to about 2.3 Bcf/d. The deal is immediately accretive and speeds deleveraging without issuing common stock.
Major growth deal that expands core Permian footprint and earnings.
Apollo-backed $5B debt overhaul Apollo is investing $9 billion in minority equity, with $5 billion used to cut debt. ONEOK launched a $5 billion debt repayment plan and tender offer, aiming to lower leverage to 3.25x and improve free cash flow without diluting common shareholders.
Strengthens balance sheet and funds acquisition, reducing financial risk.
Record Q2 results and raised guidance ONEOK beat Q2 estimates with $1.53 EPS on record NGL volumes and $12.05 billion revenue, then raised 2026 net income guidance to $3.41–$3.79 billion. Shares have gained 9.2% since the report, reflecting stronger cash flow and confidence.
Confirms operational strength and upward earnings trajectory.

Latest7 Aug – 2 Sep 2026

▲4

ONEOK's AI Gas Deal and $4.4B Permian Buy Reshape Growth

First AI data-center gas supply deal ONEOK signed its first deal to supply natural gas to a 1-gigawatt power plant for AI data centers, a $100 million project with strong returns. It is in late talks on more such deals, opening a new demand source for its pipelines.
New demand channel that can lift long-term volumes and earnings.
$4.425B Brazos Permian acquisition ONEOK agreed to buy Brazos Midstream's Permian assets for $4.425 billion, more than doubling its Midland Basin processing capacity to about 2.3 Bcf/d. The deal is immediately accretive and speeds deleveraging without issuing common stock.
Major growth deal that expands core Permian footprint and earnings.
Apollo-backed $5B debt overhaul Apollo is investing $9 billion in minority equity, with $5 billion used to cut debt. ONEOK launched a $5 billion debt repayment plan and tender offer, aiming to lower leverage to 3.25x and improve free cash flow without diluting common shareholders.
Strengthens balance sheet and funds acquisition, reducing financial risk.
Record Q2 results and raised guidance ONEOK beat Q2 estimates with $1.53 EPS on record NGL volumes and $12.05 billion revenue, then raised 2026 net income guidance to $3.41–$3.79 billion. Shares have gained 9.2% since the report, reflecting stronger cash flow and confidence.
Confirms operational strength and upward earnings trajectory.