KMI

Kinder Morgan (KMI) posted adjusted EPS of $0.39 on $4.51B revenue (+13.64% YoY) with its $10B pipeline backlog 90% natural gas and 60% tied to power generation. Williams Companies (WMB) reported $7.75B adjusted EBITDA (+9%) and is deploying $7B into power innovation projects including the Cogentrix platform and Socrates the Younger, trading at a 34 P/E versus 23 for KMI. Kinder Morgan is doubling down on traditional pipeline infrastructure for LNG exports and power generation, while Williams is pushing further down the value chain into power generation itself to capitalize on the data center power demand boom. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Kinder Morgan didn't make the cut. Grab the names FREE today. Kinder Morgan (NYSE:KMI) and Williams Companies (NYSE:WMB) just closed the books on record 2025 results, and both pipeline operators are pointing the same firehose of capital at LNG exports and data center power demand. The way they are doing it, however, looks quite different. One is leaning on a $10 billion pipeline backlog. The other is buying into power generation itself. Kinder Morgan delivered adjusted EPS of $0.39 against a $0.37 estimate on $4.51 billion in revenue, up 13.64% year over year. CEO Kim Dang credited "record-setting performance in our Natural Gas Pipelines business segment", with transport volumes up 9% and gathering volumes up 19%. The CO2 segment was the weak spot, dragged by softer commodity and D3 RIN prices. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Kinder Morgan didn't make the cut. Grab the names FREE today. Williams, under new CEO Chad Zamarin since July 2025, posted full-year adjusted EBITDA of $7.75 billion, up 9%, and Q4 EPS of $0.55. Transco continues to do the heavy lifting, with Transmission, Power & Gulf adjusted EBITDA of $3.71 billion, a $403 million jump. A $212 million impairment on Mid-Continent gas gathering was a reminder that not every basin is humming. Kinder Morgan is doubling down on what it already does best. Its $10 billion project backlog is roughly 90% natural gas, with about 60% tied to power generation. Trident Intrastate, SSE4, and Mississippi Crossing are all traditional pipeline projects. Dang says "total demand for natural gas is expected to grow by 17% through 2030, led by LNG exports", and KMI already moves...

A month has gone by since the last earnings report for Kinder Morgan (KMI). Shares have added about 5.6% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Kinder Morgan due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts. Kinder Morgan reported first-quarter 2026 adjusted earnings per share (EPS) of 48 cents, which beat the Zacks Consensus Estimate of 38 cents. The bottom line increased year over year from 34 cents. Total quarterly revenues of $4.83 billion beat the Zacks Consensus Estimate of $4.65 billion. The top line also increased from $4.24 billion in the prior-year quarter. The strong quarterly results can be primarily attributed to contributions from the Natural Gas Pipelines business segment. Natural Gas Pipelines: In the March-ended quarter, adjusted earnings before depreciation, depletion and amortization expenses (EBDA) jumped to $1.80 billion from $1.53 billion a year ago. The segment achieved record financial results in the first quarter, primarily driven by higher contributions from the Texas Intrastate system due to cold weather as well as from the Tennessee Gas Pipeline. Natural gas transport volumes, natural gas sales volumes and gathering volumes were also higher compared with the first quarter of 2025. Product Pipelines: The segment’s EBDA in the first quarter of 2026 was $325 million, an increase from $274 million recorded a year ago. The increase can be attributed to higher transport benefiting the transmix business, recovery of retroactive rate increases after a favorable court ruling and the recovery from a previous turnaround at the condensate processing facility. Terminals: Kinder Morgan generated a quarterly EBDA of $330 million from the segment, higher than the $275 million reported in the year-ago period. Liquids utilization was 93.5% in the quarter, lower than 94.3% in the prior-year quarter. The segment was aided by the liquids terminals business, supported by increased rates and ancillary fees at the Houston Ship Channel hub, early termination payments from storage agreements and increased earnings from fully contracted bulk terminals and Jones Act tankers. CO2: The segment’s EBDA was $189 mill...

Targa Resources Corp. TRGP reported first-quarter 2026 earnings of $2.21 per share, which missed the Zacks Consensus Estimate of $2.55. The underperformance can be attributed to severe winter weather that impacted volumes across its systems, weak Waha natural gas prices that led to producer curtailments in the Permian Basin during the quarter and higher operating expenses related to maintenance activity, system expansions and acquired Permian assets. The bottom line, however, increased from the year-ago quarter’s level of 91 cents. The year-over-year improvement can be attributed to higher operating margins in the company’s Gathering and Processing and Logistics and Transportation segments. Total quarterly revenues of $4.1 billion missed the Zacks Consensus Estimate of $5.1 billion by 19.64%. Revenues also declined 10% from the year-ago quarter’s level of $4.6 billion, primarily due to lower commodity sales, partly offset by higher fees from midstream services. Targa Resources, Inc. price-consensus-eps-surprise-chart | Targa Resources, Inc. Quote Despite the revenue miss, Targa delivered record first-quarter adjusted EBITDA of $1.4 billion, up 19% from the prior-year quarter. The increase was driven by record Permian inlet volumes, record fractionation volumes and higher marketing margins. On April 16, 2026, Houston, TX-based oil and gas storage and transportation company declared a quarterly dividend of $1.25 per share, or $5 annualized, representing a 25% increase from the first-quarter 2025 dividend. The company also repurchased $55 million of common stock during the quarter. In the first quarter, Targa benefited from continued strength across its integrated Permian-to-Mont Belvieu footprint. Management mentioned that the company still achieved record first-quarter adjusted EBITDA, Permian volumes and NGL fractionation volumes despite winter weather and periodic shut-ins. The company also mentioned that current Permian volumes were running more than 250 million cubic feet per day above the first-quarter average, even with 200-400 million cubic feet per day of temporary producer shut-ins on any given day. Gathering and Processing: The segment’s operating margin was $703.5 million, up 17% from $602.2 million in the year-ago quarter. However, the figure missed the Zacks Consensus Estimate of $757 million. Adjusted operating margin increased 16% year over yea...

Cheniere Energy, Inc. LNG reported a first-quarter 2026 adjusted earnings of $4.77 per share, beating the Zacks Consensus Estimate of $3.91 by 22%. The figure increased 34.6% from the year-ago quarter’s level. This was primarily due to stronger operational execution and favorable LNG market conditions in the first quarter of 2026, which helped adjusted earnings beat estimates and improve year over year. Revenues totaled $5.87 billion, beating the Zacks Consensus Estimate of $5.70 billion by 3% and rising 8% year over year, driven by a 7.9% and 6.7% year-over-year increase in LNG and Other revenues, respectively. Cheniere Energy, Inc. price-consensus-eps-surprise-chart | Cheniere Energy, Inc. Quote Operationally, the company posted record LNG loaded volumes of 688 TBtu, up 13% year over year. The figure also beat the consensus mark of 648 TBtu. Additionally, the company exported a record 187 cargoes during the quarter, reflecting an 11% year-over-year increase from the prior-year quarter’s level. On April 22, Cheniere Energy’s board of directors declared a quarterly cash dividend of 55.5 cents per share. The dividend, which remains unchanged, will be paid on May 19, 2026. Cheniere Energy deployed about $1.2 billion toward growth, balance sheet management, share repurchases and dividends during the quarter. The company repurchased common stock for approximately $537 million and paid a quarterly dividend, totaling about $117 million. The oil and gas storage and transportation company reported consolidated adjusted EBITDA of $2.3 billion in the first quarter of 2026, up about 25% from the year-ago quarter’s level. The growth was primarily driven by higher total margins on LNG delivered, reflecting higher volumes and contributions from optimization activities, along with the recognition of a nonrecurring tax credit. During the first quarter of 2026, LNG generated distributable cash flow of $1.67 billion. Cheniere Energy noted that new long-term contracted volumes commenced during the first quarter, reinforcing the strategy of pairing long-duration contracts with its large-scale Gulf Coast liquefaction footprint. The company reiterated its focus on bringing incremental capacity online efficiently through debottlenecking initiatives while continuing permitting, development and commercialization work tied to expansions at Sabine Pass and Corpus Christi. Management c...

Permian Resources Corporation PR reported first-quarter 2026 adjusted earnings of 39 cents per share, beating the Zacks Consensus Estimate of 38 cents by 3%. This outperformance was primarily driven by stronger production volumes, improved well performance, reduced downtime and continued drilling and completion efficiencies. However, the bottom line declined from the year-ago quarter’s adjusted earnings of 43 cents due to weaker NGL and natural gas realizations, along with higher operating expenses. The company’s oil and gas sales of $1.39 billion missed the Zacks Consensus Estimate of $1.4 billion by 0.83%. However, revenues increased slightly from the year-ago quarter’s $1.38 billion, aided by a higher year-over-year contribution from oil sales (10.6%) and purchased gas sales during the quarter. Permian Resources Corporation price-consensus-eps-surprise-chart | Permian Resources Corporation Quote On May 6, 2026, the Midland, TX-based exploration and production company declared a quarterly base dividend of 16 cents per Class A common share, translating to an annualized dividend of 64 cents. The payout is scheduled for June 30, 2026, for its shareholders on record as of June 16. Management reiterated that the base dividend remains a top capital allocation priority. Beyond the base dividend, the company intends to focus on debt repayment, cash accumulation, accretive acquisitions and opportunistic share repurchases, depending on market conditions. The company reported total average production of 412.9 thousand barrels of oil equivalent per day (MBoe/d), comprising 47% oil and 72% liquids, in the first quarter, up from 373.2 MBoe/d in the year-ago period. The figure beat the Zacks Consensus Estimate of 411,665 Boe/d due to strong runtime, improved recent well performance and efforts to accelerate incremental oil volumes in March through increased workover activity. The company also accelerated oil production volumes during March. Crude oil production averaged 192.3 thousand barrels per day (MBbls/d), up from 175 MBbls/d in the prior-year quarter. The figure beat the Zacks Consensus Estimate of 189.6 MBbls/d. NGL production came in at 103.3 MBbls/d, up 20.1% year over year. However, it missed the Zacks Consensus Estimate by 1.01%. Meanwhile, natural gas production totaled 703 million cubic feet per day (MMcf/d), up 4.4% year over year, but missed the Zacks Cons...

Helmerich & Payne, Inc. HP reported a second-quarter fiscal 2026 adjusted net loss of 38 cents per share, wider than the Zacks Consensus Estimate of an adjusted net loss of 6 cents. Moreover, the bottom line decreased considerably from the year-ago quarter’s reported profit of 2 cents. This was due to a weaker rig activity in North America and international markets, and significantly higher operating costs related to its Middle East operations. The International Solutions segment posted an operating loss of nearly $100 million as the company incurred additional expenses to reactivate rigs in Saudi Arabia and work around supply-chain disruptions caused by the Middle East conflict. Moreover, the quarter included a $26 million non-cash impairment charge, which further pressured profitability. Revenues totaled $932 million, missing the consensus mark of $946 million by 1.46%. The top line also declined 8.2% year over year from the prior-year quarter’s level of $1 billion, primarily due to lower revenue contributions from drilling services. Helmerich & Payne, Inc. price-consensus-eps-surprise-chart | Helmerich & Payne, Inc. Quote The company returned approximately $25 million to shareholders through its ongoing dividend program during the quarter. Management also noted continued progress in expanding the deployment of FlexRobotics technology to support customer demand. North America Solutions: Operating revenues of $517.2 million decreased 13.7% year over year. Moreover, the top line missed our projection of $519.1 million. The segment averaged 136 active rigs in the quarter and delivered a direct margin of $215.2 million, or $17,628 on a per-day basis, maintaining industry-leading performance. Segment operating income was $111.3 million, improving sequentially from the prior quarter that included a one-time impairment, but down from $151.9 million in the year-ago period. However, the reported figure beat our estimate of $93.9 million. HP highlighted strengthening customer sentiment and meaningful commercial momentum across the U.S. land market, supported by new contracts and extensions across multiple basins. International Solutions: Operating revenues were $218.3 million, down 11.9% from $247.9 million a year ago. Moreover, the top line missed our projection of $231 million. The segment recorded an operating loss of approximately $100 million and generated abou...

Magnolia Oil & Gas Corporation MGY posted first-quarter 2026 net profit of 54 cents per share, beating the Zacks Consensus Estimate of 51 cents by 5.9%. This outperformance can be attributed to higher production, led by Giddings, alongside disciplined spending that supported sizable free cash flow generation. Total output increased 6% year over year to 102.6 thousand barrels of oil equivalent per day (Mboe/d), which also exceeded the consensus estimate by 0.44%, providing a key operating tailwind. However, the bottom line declined from the year-ago quarter’s 55 cents mainly because operating expenses increased nearly 8% during the quarter, compressing margins. The oil and gas exploration and production company’s total revenues of $358.5 million rose 2.3% from the year-ago quarter and topped the consensus mark of $335 million by about 7%, driven by a higher year-over-year contribution from oil revenues. Magnolia Oil & Gas Corp price-consensus-eps-surprise-chart | Magnolia Oil & Gas Corp Quote Magnolia reported the average daily total output of 102,564 barrels of oil equivalent per day (boe/d), increasing 6.2% from the year-ago quarter’s 96,549 boe/d. The figure also beat the model estimate of 102,000 boe/d. Magnolia’s oil volumes averaged 40,678 barrels per day (bpd) in the quarter, up from 39,078 bpd a year ago. Moreover, the figure topped our estimate of 40,500 bpd. Natural gas volumes improved to 193,143 thousand cubic feet (Mcf) per day from 183,248 Mcf/d. The figure also surpassed our estimate of 192,700 Mcf/d. NGL volumes increased to 29,696 bpd from 26,930 bpd. Moreover, the figure beat our estimate of 29,300 bpd. Management highlighted that Giddings continued to drive the company’s growth profile, with its production representing 82% of total volumes during the quarter. Giddings total production increased 9% year over year, with oil volumes up 8%, supported by strong well performance. Oil remained the largest revenue contributor, with oil revenues of $257.3 million compared with $245.5 million in the year-ago period. Natural gas revenues were $51.8 million, modestly higher year over year, while NGL revenues declined to $49.4 million from $53.4 million. Realizations were mixed across products. The average realized crude oil price was $70.29 per barrel, indicating a 0.7% increase from the year-ago period’s $69.81 and beating our estimate of $55.49. The...

USA Compression Partners USAC reported first-quarter 2026 adjusted net profit of 27 cents per common unit, matching the Zacks Consensus Estimate. The metric improved from the year-ago quarter’s net profit of 18 cents per common unit, driven by a year-over-year increase in revenue-generating capacity and the contribution from the J-W Power acquisition. The largest independent provider of natural gas compression services generated revenues of $331.3 million, improving 35.2% from the year-ago quarter’s level and beating the Zacks Consensus Estimate by 13.3%. This growth was aided by higher contract operations revenues and the inclusion of J-W Power’s results following the Jan. 12, 2026, acquisition. USA Compression Partners, LP price-consensus-eps-surprise-chart | USA Compression Partners, LP Quote Dallas, TX-based oil and gas equipment and services company’s adjusted EBITDA increased 26.1% to $188.6 million from $149.5 million in the prior-year quarter. Distributable cash flow rose to $130.8 million from $88.7 million in the year-ago period. The company reported net income of $38.3 million compared with $20.5 million in the year-ago quarter. USAC reported net operating cash flow of $86.1 million in the first quarter, up from the prior-year quarter’s $54.7 million. The company’s revenue-generating capacity increased year over year to 4.44 million horsepower from 3.56 million horsepower, primarily reflecting the J-W Power acquisition. Moreover, the figure exceeded our estimate of 3.58 million horsepower. Adjusted gross operating margin of 64.4% marked a decrease from the year-ago period’s 66.7%. Further, the average monthly revenue per horsepower rose to $22.73 from $21.06 in the first quarter of 2025. However, the figure missed our estimate of $25.01 million average monthly revenue per horsepower. USA Compression’s average quarterly horsepower utilization rate was 91.9%, down from the year-ago quarter’s 94.4%. USA Compression’s distributable cash flow available to limited partners totaled $130.8 million, providing 1.72x distribution coverage, up from the year-ago level of 1.44x. The company reported $239.9 million in costs and expenses, up from $175.8 million in the year-ago quarter. It spent $26.4 million on growth capex. Maintenance capex amounted to $9.2 million. As of March 31, 2026, USA Compression had net long-term debt of $3 billion. The partnership had...

Suncor Energy Inc. SU reported first-quarter 2026 adjusted operating earnings of $1.41 per share, which missed the Zacks Consensus Estimate of $1.45 by 3%. This underperformance can be attributed to a 16.5% increase in total expenses and higher commodity input costs during the quarter. However, the bottom line increased from the year-ago quarter’s reported figure of 91 cents due to stronger downstream margins, higher upstream price realizations and increased sales volumes. Calgary-based integrated oil and gas company’s operating revenues of $10.7 billion beat the Zacks Consensus Estimate of $8.9 billion by 19.53%. The top line increased approximately 23.2% year over year, aided by record refined product sales, higher refinery production and stronger benchmark crack spreads. Suncor Energy Inc. price-consensus-eps-surprise-chart | Suncor Energy Inc. Quote Suncor delivered a strong operating quarter, with record first-quarter upstream production of 875,200 barrels per day (bbls/d), up from 853,200 bbls/d in the year-ago quarter. Refining throughput also reached a first-quarter record of 497,800 bbls/d, compared with 482,700 bbls/d a year earlier, while refined product sales rose to a quarterly record of 680,900 bbls/d from 604,900 bbls/d in the prior-year period. Management highlighted that the quarter reflected continued momentum from 2025, supported by record first-quarter upstream output, strong refinery performance and expanded product sales through domestic retail growth and global export opportunities. Upstream: Suncor delivered a strong operating quarter, with record first-quarter upstream production of 875,200 bbls/d, up from 853,200 bbls/d in the year-ago quarter. Moreover, the figure beat the consensus estimate of 868,000 bbls/d. Total Oil Sands production was 798,800 bbls/d, up from 790,900 bbls/d in the year-ago quarter. Total Oil Sands bitumen production was 933,900 bbls/d, broadly comparable with 937,300 bbls/d in the prior-year period, and featured record quarterly production at Fort Hills. However, Syncrude maintenance and a third-party natural gas input pipeline curtailment weighed on production. Net synthetic crude oil and diesel production declined to 519,300 bbls/d from 536,600 bbls/d a year earlier due to lower Syncrude upgrader availability. Non-upgraded bitumen production increased to 279,500 bbls/d from 254,300 bbls/d, primarily due to d...

Transocean Ltd. RIG reported a first-quarter 2026 adjusted loss of 3 cents per share, in contrast to the Zacks Consensus Estimate of earnings of 7 cents. The underperformance was primarily due to higher interest expenses and tax-related impacts. However, the bottom line improved from the year-ago quarter’s adjusted loss of 10 cents, supported by higher revenues, stronger fleet utilization, improved revenue efficiency and higher average daily revenues. The Switzerland-based offshore drilling contractor’s contract drilling revenues of $1.08 billion surpassed the Zacks Consensus Estimate of $1.03 billion by 5.2%. This was due to higher-than-expected revenues from ultra-deepwater and harsh environment floaters. Ultra-deepwater and harsh environment revenues beat the consensus mark of $480 million and $264 million, respectively. The top line also increased 19.3% from the year-ago quarter’s reported figure of $906 million. Transocean Ltd. price-consensus-eps-surprise-chart | Transocean Ltd. Quote Adjusted EBITDA was $440 million, up from $244 million in the year-ago period and $385 million in the fourth quarter of 2025. Moreover, the figure beat our model estimate of $352.7 million. Adjusted EBITDA margin was 40.7% compared with 26.9% in the year-ago quarter and 36.8% in the prior quarter. Ultra-deepwater floaters accounted for about 69.2% of total contract drilling revenues, while harsh environment floaters contributed the remaining 30.8%. Transocean’s ultra-deepwater floaters generated revenues of $748 million in the reported quarter, up from $658 million in the year-ago period and $724 million in the prior quarter. Moreover, the figure beat our model estimate of $658 million. Harsh environment floaters contributed $333 million, compared with $248 million in the year-ago quarter and $319 million in the fourth quarter of 2025. Moreover, the figure beat our model estimate of $248 million. Revenue efficiency was 97.3%, up from 96.2% in the previous quarter and 95.5% in the year-ago period. Ultra-deepwater revenue efficiency improved to 97.6% from 94.3% a year ago, while harsh environment revenue efficiency came in at 96.7%. Average daily revenues increased to $475,600 from $443,600 in the year-ago quarter and $461,300 in the prior quarter. However, the figure missed our estimate of $502,600. Average daily revenues from ultra-deepwater floaters rose to $480,700 from...

TechnipFMC plc FTI reported first-quarter 2026 adjusted earnings of 64 cents per share, which beat the Zacks Consensus Estimate of 57 cents. The bottom line also increased sharply from the year-ago quarter’s reported earnings of 33 cents. The outperformance was driven by strong operational execution, particularly in the Subsea segment, along with improved margins. Houston, TX-based oil and gas equipment and services company’s quarterly revenues of $2.49 billion missed the Zacks Consensus Estimate of $2.53 billion due to a year-over-year decrease in revenue contributions from the Service revenues, which also missed our consensus estimate by 18.32%. Despite the miss, the top line increased 11.6% compared with the year-ago quarter's reported figure of $2.23 billion, driven by higher revenue contributions from both the Product and Lease revenues, which exceeded our consensus estimate by 21.92% and 7.67%, respectively. TechnipFMC plc price-consensus-eps-surprise-chart | TechnipFMC plc Quote On April 28, FTI’s board of directors declared a quarterly cash dividend of 5 cents per share to its common shareholders of record as of May 19, 2026. The payout, unchanged from the previous quarter, will be made on June 3, 2026. During the quarter, the company bought back 4.3 million ordinary shares at a cost of $264.8 million. When combined with dividend payments of $19.9 million, total distributions to shareholders amounted to $284.7 million. TechnipFMC reported total company adjusted EBITDA of $466 million, up 35.5% year over year. Adjusted EBITDA margin expanded 330 basis points to 18.7%. Excluding a foreign exchange gain of $12.8 million, adjusted EBITDA came in at $453.2 million, with a margin of 18.2%. Total company inbound orders were $2.15 billion, down 30.3% year over year. Additionally, the reported figure missed the Zacks Consensus Estimate by $681 million. Backlog at the end of the quarter was $16.47 billion, up 4.1% from the prior-year period. Moreover, the reported figure missed the Zacks Consensus Estimate by $460 million. Subsea: Revenues from this segment totaled $2.21 billion, up 14.1% from the year-ago quarter’s level of $1.94 billion. The increase was aided by higher integrated Engineering, Procurement, Construction and Installation project activity, particularly in Brazil. Project revenues grew sequentially across Latin America, Africa and North America,...

Antero Midstream AM reported first-quarter 2026 earnings per share of 25 cents, missing the Zacks Consensus Estimate of 26 cents by 3.9%. Earnings were in line with the year-ago quarter’s level of 25 cents. Total quarterly revenues of $314.21 million beat the Zacks Consensus Estimate of $300.07 million by 4.7%. The top line also improved 7.9% from $291.13 million in the year-ago quarter. Full capacity utilization in processing and fractionation underscored robust demand despite inflationary cost pressures. The lower-than-expected quarterly earnings can be attributed to an increase in total operating expenses. However, higher gathering and compression volumes partially offset the negatives. Antero Midstream Corporation price-consensus-eps-surprise-chart | Antero Midstream Corporation Quote Gathering and centralized compression revenues rose to $262.00 million from $238.02 million a year ago, driven by higher throughput. Total average daily gathering volumes increased 14% year over year to 3,805 million cubic feet (MMcf/d) from 3,348 MMcf/d, reflecting continued activity on AM’s dedicated acreage. The reported figure was above our estimate of 3,361 MMcf/d. On a per-Mcf basis, the average gathering fee increased 3% from 36 cents a year ago to 37 cents. High-pressure gathering volumes totaled 3,133 MMcf/d, up 1% from the year-ago level of 3,106 MMcf/d. Our estimate for the same was 3,185 MMcf/d. On a per-Mcf basis, the average high-pressure gathering fee was 23 cents, which remained flat year over year. The reported figure met our estimate of 23 cents. Centralized compression volumes averaged 3,370 MMcf/d compared with 3,330 MMcf/d a year ago. The figure was below our estimate of 3,400 MMcf/d. On a per-Mcf basis, the average centralized compression fee was 23 cents, which remained flat year over year. The reported figure met our estimate of 23 cents. Fresh water delivery volumes averaged 83 MBbl/d, down 21% from 105 MBbl/d in the prior-year quarter, pointing to a different cadence of completion activity on the legacy system. The figure was below our estimate of 106 MBbl/d. On a per-barrel basis, the average realized fresh water delivery fee was $4.44 compared with $4.38 a year ago, reflecting annual CPI-based adjustments embedded in the contracts. The figure was above our estimate of $4.39. Other water handling volumes jumped to 93 MBbl/d from 58 MBbl/d, a 60% i...