HG Energy Rel Val Snapshot: Earnings Catch Up; Recent & Upcoming Earnings

Within Midstream, results were broadly solid, supported by continued strength in natural gas, NGL, LNG and power-related infrastructure demand. EPD and ET posted notable beats, while DTM and ET raised FY26 EBITDA guidance and LNG raised guidance for the third consecutive quarter. ET lowered FY26 growth capex but guided to a higher ~$7bn in 2027, highlighting the broader theme of elevated investment. WMB remains particularly constructive on power demand, targeting 11%+ EBITDA CAGR through 2030 and expecting 1-2 additional Power Innovation projects by YE26, while maintaining a 3.5x-4.0x leverage framework as spending ramps. In E&P, AKERBP and FANG delivered solid operating results with healthy balance sheets; AKERBP is approaching a 2027 production-growth/capex inflection, while FANG raised production guidance with only a modest capex increase and continues to prioritize FCF and debt reduction. Within Refining, MPC and PSX delivered strong beats on elevated margins and high utilization,