KMI

As the Q2 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the infrastructure industry, including Kinder Morgan (NYSE:KMI) and its peers. Energy infrastructure companies build, own, and operate assets including pipelines, storage facilities, and processing plants that transport and handle oil, natural gas, and related products. These businesses often generate fee-based revenues providing cash flow stability. Tailwinds include growing production volumes requiring expanded takeaway capacity and export infrastructure demand. Long-term contracts with creditworthy counterparties reduce commodity price exposure. Headwinds include permitting and regulatory challenges delaying new projects, environmental opposition to pipeline construction, and potential long-term demand decline from energy transition. High capital intensity and interest rate sensitivity affecting financing costs present additional considerations. The 7 infrastructure stocks we track reported a very strong Q2. As a group, revenues beat analysts’ consensus estimates by 14.1%. Thankfully, share prices of the companies have been resilient as they are up 9.2% on average since the latest earnings results. Operating what amounts to the toll roads of the energy industry, Kinder Morgan (NYSE:KMI) transports natural gas, refined petroleum products, and crude oil through its pipeline network across North America. Kinder Morgan reported revenues of $4.48 billion, up 10.8% year on year. This print exceeded analysts’ expectations by 5.8%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS estimates. “Strong financial contributions from our business segments resulted in a record second quarter. The company delivered second quarter 2026 net income attributable to KMI of $867 million, 21% higher than the second quarter of 2025, while Adjusted EPS and Adjusted EBITDA were 32% and 12% higher, respectively, than the second quarter of 2025,” Chief Executive Officer Kim Dang said. The market was likely pricing in the results, and the stock is flat since reporting. It currently trades at $32.30. Is now the time to buy Kinder Morgan? Access our full analysis of the earnings results here, it’s free. Operating a 64% stake in the Poseidon Pipeline, one of the Gulf of Mexico's largest crude oil pipelines, Genesis Energy (NYSE:GEL) provides midstream services like pipeline transportation, storage, and processing for crude oil and natural gas producers and refiners. Genesis Energy reported revenues of $532 million, up 41% year on year, outperforming analysts’ expectations by 26.2%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates. The market seems happy with the results as the stock is up 11.5% since reporting. It currently trades at $16.57. Is now the time to buy Genesis Energy? Access our full analysis of the earnings results here, it’s free. Dominating the Permian Basin with a fleet focused on large horsepower units exceeding 1,000 horsepower each, Kodiak Gas Services (NYSE:KGS) operates compression equipment that maintains natural gas pressure for production, gathering, and transportation. Kodiak Gas Services reported revenues of $391.1 million, up 21.1% year on year, exceeding analysts’ expectations by 1.9%. Still, it was a slower quarter as it posted a significant miss of analysts’ EPS estimates. Interestingly, the stock is up 4.7% since the results and currently trades at $59.56. Read our full analysis of Kodiak Gas Services’s results here. Rebranded from Chesapeake Energy in 2024 after emerging from bankruptcy, Expand Energy (NASDAQ:EXE) produces natural gas, oil, and natural gas liquids from underground shale formations in Louisiana, Pennsylvania, Ohio, and West Virginia. Expand Energy reported revenues of $2.51 billion, down 10.6% year on year. This number topped analysts’ expectations by 26.5%. It was an incredible quarter as it also put up a solid beat of analysts’ EBITDA and EPS estimates. Expand Energy had the slowest revenue growth among its peers. The stock is up 12.5% since reporting and currently trades at $99.55. Read our full, actionable report on Expand Energy here, it’s free. With each vessel capable of carrying roughly 2 million barrels of oil—enough to fill about 125 Olympic swimming pools—DHT Holdings (NYSE:DHT) operates very large crude carriers that transport crude oil across international routes for energy companies and traders. DHT Holdings reported revenues of $255.2 million, up 174% year on year. This print surpassed analysts’ expectations by 4.8%. Overall, it was an exceptional quarter as it also recorded an impressive beat of analysts’ EBITDA and EPS estimates. DHT Holdings delivered the fastest revenue growth of the whole group. The stock is up 10.8% since reporting and currently trades at $19.80. Read our full, actionable report on DHT Holdings here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

A month has gone by since the last earnings report for Williams Companies, Inc. (The) (WMB). Shares have added about 5.2% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is The Williams Companies 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. The Williams Companies reported second-quarter 2026 adjusted earnings per share of 50 cents, which missed the Zacks Consensus Estimate of 52 cents. However, the bottom line increased from the year-ago period’s level of 46 cents, driven by better-than-expected performance of its Transmission, Power & Gulf, Northeast G&P and West segments. The Tulsa, OK-based oil and gas storage and transportation company’s revenues of $3 billion missed the Zacks Consensus Estimate by $2 million. The figure increased by 9.8% from the year-ago quarter’s reported revenues. This can be attributed to higher service revenues and increased product sales. Adjusted EBITDA totaled $1.9 billion in the quarter under review, which was up 6% year over year. Cash flow from operations amounted to $1.4 billion, down 5.1% from the corresponding quarter of 2025. Williams Companies has agreed to acquire Momentum Midstream in a deal worth up to $5.5 billion, strengthening its Haynesville footprint and expanding its integrated natural gas infrastructure to meet rising Gulf Coast LNG, power and industrial demand. Momentum adds more than 4,000 miles of pipelines, 6 Bcf/d gathering capacity and key processing assets, with the deal expected to boost AFFO and EPS. Williams Companies also announced the Delta Aces and Shelby Trough Connector expansions, positioning the company to capture growing natural gas demand and enhance basin connectivity. Transmission, Power & Gulf: The segment reported an adjusted EBITDA of $959 million, up 6.2% from the year-ago quarter’s level. The increase was driven by contributions from projects placed in service, new Gulf volumes and higher storage revenues. However, the figure missed the Zacks Consensus Estimate by 2.5%. Northeast G&P: Driven primarily by higher volumes at Ohio Valley Midstream and higher proportional EBITDA from Blue Racer Midstream and Bradford within Appalachia Midstream, this segment registered an adjusted EBITDA of $540 million. This represents a 7.8% increase from $501 million in the year-earlier quarter. It beat the Zacks Consensus Estimate of $518 million. West: This segment focuses on the gathering and processing of assets in the Western United States. Adjusted EBITDA for this segment totaled $359 million, up 5.3% from the prior-year quarter’s level of $341 million. Strong results were fueled by Louisiana Energy Gateway, placed into service in third-quarter 2025, as well as higher gathering volumes, including contributions from the 2025 Rimrock and Saber acquisitions. However, the figure missed the Zacks Consensus Estimate of $389 million. Gas & NGL Marketing Services: The segment posted a negative adjusted EBITDA of $1 million, narrowing down from the year-ago negative EBITDA of $15 million, resulting from higher gas marketing margins due to winter storms. The Zacks Consensus Estimate for the same was pegged at a negative $7.27 million. Other: This segment posted an adjusted EBITDA of $64 million, representing a 17.9% decrease from $78 million in the year-earlier quarter, caused by unfavorable changes in net realized results from upstream operations, including the impact of the divested South Mansfield interests. However, the figure beat the Zacks Consensus Estimate of $57 million. In the reported quarter, total costs and expenses of $1.9 billion increased by about 2% from the year-ago quarter’s figure. Total capital expenditure (capex) was $1.8 billion. As of June 30, 2026, WMB had cash and cash equivalents of $203 million and long-term debt of $28.1 billion, with a debt-to-capitalization of 64.7%. Williams Companies raised its 2026 guidance and now expects adjusted EBITDA of $8.3-$8.5 billion, with growth capital expenditures projected at $7.3-$7.9 billion. Factoring in the pro forma contribution from the Momentum Midstream acquisition over the past four quarters, the company expects its 2026 leverage ratio to be approximately 3.75x at the midpoint. The growth capex and debt-to-adjusted EBITDA guidance exclude certain reimbursable long-lead equipment costs. In the past month, investors have witnessed a downward trend in estimates review. Currently, The Williams Companies has a subpar Growth Score of D, a grade with the same score on the momentum front. Following the exact same course, the stock has a grade of D on the value side, putting it in the bottom 40% for value investors. Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, The Williams Companies has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. The Williams Companies belongs to the Zacks Oil and Gas - Production and Pipelines industry. Another stock from the same industry, Kinder Morgan (KMI), has gained 2.3% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Kinder Morgan reported revenues of $4.48 billion in the last reported quarter, representing a year-over-year change of +10.8%. EPS of $0.37 for the same period compares with $0.28 a year ago. For the current quarter, Kinder Morgan is expected to post earnings of $0.33 per share, indicating a change of +13.8% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Kinder Morgan. Also, the stock has a VGM Score of C. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Williams Companies, Inc. (The) (WMB) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

A month has gone by since the last earnings report for Kinder Morgan (KMI). Shares have lost about 3.5% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is Kinder Morgan due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Kinder Morgan, Inc. before we dive into how investors and analysts have reacted as of late. Kinder Morgan reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents in the year-ago quarter. Revenues increased 10.8% year over year to $4.48 billion from the prior year’s figure of $4.04 billion. Revenues surpassed the consensus estimate of $4.29 billion by 4.43%. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%. Natural Gas Pipelines adjusted segment earnings before depreciation, depletion and amortization (EBDA) expenses increased to $1.46 billion from $1.35 billion a year earlier. Higher contributions from the Texas Intrastate system and gathering assets supported the improvement. Transportation volumes averaged 47,886 billion British thermal unit per day (BBtu/d) compared with 44,818 BBtu/d in the prior-year quarter. Growth reflected higher LNG deliveries on the Tennessee Gas Pipeline, stronger Texas Intrastate demand, higher export volumes to Mexico and increased power-generation demand in Arizona. Gathering volumes advanced to 4,637 BBtu/d from 3,692 BBtu/d. KinderHawk volumes rose 54%, supported by increased Haynesville activity. Management noted that the system is effectively full and is adding 1 billion cubic feet per day of treating capacity. Products Pipelines adjusted segment EBDA increased to $339 million from $289 million. Higher commodity prices and stronger butane blending volumes and rates more than offset weaker transportation activity. Due to a temporary disruption of the West Coast supply and higher commodity prices, total refined product volumes declined 5% to 1.62 million barrels per day (MMBbl/d) from the year-ago figure of 1.71 MMBbl/d. Crude and condensate volumes fell 16% to 421,000 barrels per day (Bbl/d), largely because the Double H system was converted from crude oil to natural gas liquids service. Terminals adjusted segment EBDA rose to $309 million from $300 million. Higher liquids terminal rates, ancillary fees and favorable commodity pricing supported results. Liquids utilization was 93%, while the Jones Act tanker fleet remained fully contracted for 2026. CO2 adjusted segment EBDA increased to $207 million from $145 million. Total net oil production increased 10% to 28,040 Bbl/d, driven by a 15% rise in SACROC production. The realized weighted average oil price increased to $73.78 per barrel from $67.60, while the realized weighted average NGL price was $33.38 per barrel, higher than the $32.08 per barrel recorded a year earlier. Total operating costs, expenses and other expenditures increased 8.3% year over year to $3.13 billion. Costs of sales rose to $1.41 billion from $1.21 billion, while operations and maintenance expenses increased to $806 million from $773 million. Operating income increased 16.8% to $1.35 billion. The operating margin expanded to 30.1% from 28.5%, reflecting revenue growth that outpaced increases in operating expenses. Adjusted EBITDA reached a second-quarter record of $2.20 billion, up 12% year over year. Net income attributable to KMI increased 21% to $867 million, while reported earnings rose to 39 cents per share from 32 cents. The project backlog stood at $9.6 billion at the end of the quarter, down from $10.1 billion sequentially after approximately $660 million of expansion projects entered service. Natural gas projects represented about 92% of the backlog. The board also granted contingent approval to nearly $400 million of projects that will enter the backlog after contract execution. Management expects to sanction significant additional projects from an opportunity set exceeding $10 billion during the second half of 2026. Cash flow from operations was $1.96 billion in the quarter. Meanwhile, free cash flow was $978 million and free cash flow after dividends reached $313 million. As of June 30, 2026, KMI reported $89 million in cash and cash equivalents. Net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025. Kinder Morgan expects full-year adjusted earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) to exceed its original $8.6 billion budget by more than 5%. The company also expects adjusted earnings to surpass its initial $1.36-per-share budget by more than 12%. The revised guidance reflects strong first-half performance across all business segments. The quarterly dividend was raised 2% to 29.75 cents per share, equivalent to $1.19 per share annually. The dividend is payable Aug. 17, 2026, to shareholders of record as of Aug. 3. Since the earnings release, investors have witnessed a upward trend in fresh estimates. Currently, Kinder Morgan has a average Growth Score of C, however its Momentum Score is doing a lot better with an A. However, the stock has a grade of C on the value side, putting it in the middle 20% for this investment strategy. Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Kinder Morgan has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Kinder Morgan (KMI) is back in focus after joining Phillips 66 and HF Sinclair in the proposed US$5b Western Gateway Pipeline joint venture, and after reporting second quarter 2026 earnings that exceeded market expectations. See our latest analysis for Kinder Morgan. Kinder Morgan’s share price has climbed 18.44% year to date to US$32.82, with a 7 day share price return of 6.39% after the Western Gateway Pipeline announcement and earnings beat. The 5 year total shareholder return of 169.73% points to stronger momentum over a longer horizon. If this kind of infrastructure story has your attention, it could be a good moment to broaden your search and check out 38 power grid technology and infrastructure stocks The Western Gateway deal and earnings beat have pushed Kinder Morgan sharply higher in a short span. After this run, does the current price still offer an attractive balance of upside and risk for new money? The most followed Kinder Morgan narrative currently points to a fair value of $35.33 compared with the latest close at $32.82, and uses a 7.11% discount rate to weigh those future cash flows. Read the complete narrative. Want to see what underpins that LNG optimism and fair value gap? The narrative leans heavily on future revenue, margin resilience, and a richer earnings multiple than the sector. Result: Fair Value of $35.33 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Kinder Morgan’s high net debt near US$32.3b and the risk of overbuilt regions like the Permian affecting contract renewals could challenge this upbeat narrative. Find out about the key risks to this Kinder Morgan narrative. With Kinder Morgan attracting both optimism and caution, it makes sense to look at the underlying data yourself and not rely on any single story. To weigh these cross currents properly, start by reviewing the 3 key rewards and 2 important warning signs. If Kinder Morgan has sharpened your focus, do not stop here. Use the Simply Wall Street Screener to surface other opportunities that could suit your portfolio. Spot potential bargains early by checking stocks that appear mispriced compared to their quality with the help of 50 high quality undervalued stocks. Strengthen your income stream by reviewing companies that show up in the 10 dividend fortresses and assess whether their payouts fit your goals. Prioritise resilience by scanning companies that appear in the 83 resilient stocks with low risk scores and see which ones align with your comfort level. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include KMI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Kinder Morgan recently reported second-quarter 2026 adjusted earnings of US$0.37 per share, beating estimates and improving its net debt-to-adjusted EBITDA ratio to 3.6X, while also agreeing with Phillips 66 and HF Sinclair to proceed with the proposed US$5.00 billion Western Gateway refined products pipeline joint venture targeted for completion in 2029. Together, the stronger results across its gas infrastructure and the long-distance Western Gateway project reinforce Kinder Morgan’s role as a key link in U.S. fuel and LNG supply chains. We’ll now examine how Kinder Morgan’s earnings beat and Western Gateway pipeline commitment may influence its existing investment narrative and expectations. We've uncovered the 10 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. To own Kinder Morgan, you need to believe in the durability of U.S. natural gas and refined products infrastructure and the company’s ability to translate that position into dependable cash flows despite relatively high leverage. The latest earnings beat and modest improvement in net debt to adjusted EBITDA are positives, but they do not fundamentally change the near term focus on balance sheet strength as a key risk and LNG driven throughput as a central catalyst. The decision to move ahead with the US$5.00 billion Western Gateway refined products pipeline joint venture stands out here, because it ties directly into Kinder Morgan’s role in U.S. fuel logistics while adding a large, long dated project to its growth backlog. For investors, that announcement sits alongside rising LNG related volumes as a reminder that Kinder Morgan’s investment case rests on long term fee based contracts across gas and refined products, rather than short term commodity moves. However, against these positives, Kinder Morgan’s still meaningful leverage and the capital needs of an aging, expanding network are risks investors should be aware of... Read the full narrative on Kinder Morgan (it's free!) Kinder Morgan's narrative projects $20.2 billion revenue and $3.7 billion earnings by 2029. This requires 4.8% yearly revenue growth and about a $0.4 billion earnings increase from $3.3 billion today. Uncover how Kinder Morgan's forecasts yield a $35.33 fair value, a 8% upside to its current price. Three fair value estimates from the Simply Wall St Community span roughly US$35 to US$55 per share, showing how differently individual investors can view Kinder Morgan’s potential. You can weigh those views against Kinder Morgan’s reliance on stable, fee based contracts to support earnings in a sector where long term fossil fuel demand and policy trends remain uncertain, and explore several alternative viewpoints before deciding how this fits your portfolio. Explore 3 other fair value estimates on Kinder Morgan - why the stock might be worth as much as 68% more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Kinder Morgan research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision. Our free Kinder Morgan research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Kinder Morgan's overall financial health at a glance. These stocks are moving-our analysis flagged them today. Act fast before the price catches up: The latest GPUs need a type of rare earth metal called Terbium and there are only 28 companies in the world exploring or producing it. Find the list for free. Find 50 companies with promising cash flow potential yet trading below their fair value. AI is about to change healthcare. These 44 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include KMI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

California Resources Corporation CRC reported second-quarter 2026 adjusted earnings of 99 cents per share, down 10.0% from $1.10 a year ago and the figure also missed the Zacks Consensus Estimate of $1.31 by 24.43%, mainly due to temporary takeaway constraints, weaker oil differentials and higher transportation and operating costs. Long Beach, CA-based oil and gas exploration and production company’s oil, natural gas and natural gas liquids revenues of $1.06 billion rose 50.4% from $702 million and beat the Zacks Consensus Estimate of $979 million by 7.87%. California Resources Corporation price-consensus-eps-surprise-chart | California Resources Corporation Quote CRC’s board of directors declared a quarterly cash dividend of 40.5 cents per share of common stock, payable on Sept. 18, 2026, to its shareholders of record as of Sept. 4. During this quarter, CRC returned $36 million to its shareholders through dividends. California Resources' average net production was 149 thousand barrels of oil equivalent per day (MBoe/d), up from 137 MBoe/d in the year-ago quarter. Net oil production averaged 120 thousand barrels per day, while NGL production was 10 thousand barrels per day. Natural gas output averaged 115 million cubic feet per day. Oil represented 81% of total production. The realized oil price before derivative settlements was $91.55 per barrel, while NGL and natural gas realizations were $49.62 per barrel and $1.84 per Mcf, respectively. CRC built about 137 thousand barrels of oil inventory because of temporary takeaway constraints. The inventory build, weaker differentials and higher operating and transportation costs reduced adjusted EBITDAX and operating cash flow before working-capital changes by about $25 million. Total operating expenses were $786 million, up 10.5% from $711 million a year earlier.Operating costs were $347 million, up 17.6% from $295 million a year earlier. General and administrative expenses increased 22.8% to $97 million. Adjusted G&A expenses, however, declined to $89 million from $99 million in the first quarter, reflecting Berry-related efficiencies. The company implemented more than 100% of its 2026 Berry synergy target six months ahead of schedule, representing $103 million of annualized savings. California drilling efficiency improved about 25% and nearly 80% of wells drilled year to date outperformed the type curve, with average initial production more than 10% above expectations. CRC lowered its long-term drilling, completions and workover maintenance-capital estimate by about 5% to $450-$475 million with six rigs. Net cash provided by operating activities was $263 million, up 59.4% from $165 million in the prior-year quarter. Free cash flow totaled $114 million, while capital investments were $149 million, including $101 million for drilling, completions and workovers. CRC ended June with $1.32 billion of liquidity, consisting of $43 million of available cash and $1.28 billion of borrowing capacity, with a debt-to-capitalization of 27.4%. During the quarter, it issued $550 million of 7.25% senior notes due 2035 and redeemed its remaining 8.25% senior notes due 2029. CRC agreed to acquire Crimson Midstream Holdings for $63 million in cash. The transaction adds roughly 2,000 miles of California crude-oil pipelines and storage assets, expanding the company's access to higher-value markets and third-party throughput. The company also acquired the Line 100 system earlier in 2026. That network includes a 118-mile crude pipeline with 60 thousand barrels per day of capacity and more than 1 million barrels of storage. Management expects the Crimson deal to strengthen market access and commercial flexibility. Carbon TerraVault I began carbon dioxide (CO2) injection and generated first revenues during the quarter. Management said the project is capturing and injecting about 270 metric tons of CO2 per day and is targeting an annualized rate of roughly 100,000 tons. CRC also partnered with Beacon Data Centers on the proposed Golden Valley Technology Hub at Elk Hills. The planned campus would have 275 megawatts of capacity and use power from CRC's existing Elk Hills plant. The company has submitted a conditional-use permit and expects the environmental review process to advance later in 2026. For the third quarter, CRC expects net production of 151-154 MBoe/d, capital investments of $150-$170 million and adjusted EBITDAX of $285-$325 million. Oil is expected to represent 80% of output. For 2026, the company maintained capital-investment guidance of $520-$560 million and expects net production of 150-155 MBoe/d. Adjusted EBITDAX is projected at $1.2-$1.3 billion. CRC cut expected drilling, completions and workover capital by $10 million to $370-$390 million while continuing to target about 1% entry-to-exit gross production growth. CRC currently holds a Zacks Rank #5 (Strong Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. While we have discussed CRC’s second-quarter results in detail, let us take a look at three other key reports in the energy space. Houston, TX-based oil and gas equipment and services provider Halliburton HAL posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation RRC reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization. Range Resources’ net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. It repurchased $78 million of shares and paid $24 million in dividends during the quarter. Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%. As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report California Resources Corporation (CRC) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Cheniere Energy, Inc. LNG reported second-quarter 2026 adjusted earnings of $3.02 per share, beating the Zacks Consensus Estimate of $2.89 by 4.5%. Higher liquefied natural gas ("LNG") volumes and stronger margins supported the quarter. However, adjusted earnings decreased 58.6% from the year-ago quarter, primarily reflecting the exclusion of significant non-cash derivative fair-value gains from the adjusted figure. TX-based LNG producer and exporter company’s total revenues of $5.73 billion beat the Zacks Consensus Estimate of $5.03 billion by 14% and rose 23.5% year over year, driven by a 9.7% increase in LNG revenues. Cheniere Energy, Inc. price-consensus-eps-surprise-chart | Cheniere Energy, Inc. Quote LNG volumes loaded reached 672 trillion British thermal units (TBtu), up 22.2% year over year, as new Corpus Christi Stage 3 capacity and improved operating reliability lifted production. Cheniere exported 184 cargoes in the quarter, up 19.5% from 154 a year earlier. The company also reported second-quarter production records at both the Corpus Christi and Sabine Pass facilities. Corpus Christi Stage 3 continued to ramp ahead of schedule. Midscale Train 6 achieved substantial completion in June, while commissioning of Train 7 began and first LNG was expected imminently at the time of the earnings release. Management also cited reduced downtime and improved maintenance execution as contributors to production outperformance. Consolidated adjusted EBITDA was $1.8 billion, up 27.4% from $1.42 billion a year ago. The increase reflected higher total margins on LNG delivered, driven by increased volumes recognized in income and higher margins per MMBtu. Distributable cash flow totaled $1.17 billion, compared with about $920 million in the prior-year quarter, an increase of 27.2%. The company recognized 660 TBtu of LNG volumes in the quarter, including commissioning volumes, with some cargo deliveries shifted into the third quarter because of rerouting from Europe to Asia. Total operating costs and expenses declined 31.7% year over year to $1.44 billion. Cost of sales fell 60.7% to $439 million, with the quarter including about $2.4 billion of gains from changes in the fair value of commodity derivatives before contractual delivery or termination. Operating and maintenance expense declined 4.7% to $533 million, while depreciation, amortization and accretion expense rose 15.5% to $380 million. The Corpus Christi Stage 3 project was 98.4% complete as of June 30, 2026. Train 7 is expected to reach substantial completion in the second half of 2026, completing the seven-train Stage 3 project. The Midscale Trains 8 and 9 project was 48.3% complete and remains targeted for substantial completion in the second half of 2028. Separately, Sabine Pass Expansion Phase 1 is fully commercialized and has an approximately $4.7 billion EPC contract with Bechtel. The project is designed to add more than 6 million tons per annum of production capacity, with an early-2027 final investment decision expected after regulatory approvals. Cheniere raised its 2026 consolidated adjusted EBITDA guidance to $7.90-$8.40 billion from $7.25-$7.75 billion. Distributable cash flow guidance increased to $5.30-$5.80 billion from $4.75-$5.25 billion. The company also tightened its 2026 production outlook to 53-54 million tons from 52-54 million tons. Management said the 0.5-million-ton increase in the production midpoint contributed about $300 million to the guidance increase. Higher margins on spot sales and optimization activities also supported the revised outlook, while less than 1 million tons of 2026 volumes remained unsold. This Zacks Rank #3 (Hold) company deployed approximately $884 million under its capital allocation plan during the quarter. It repurchased about 2.2 million shares for approximately $550 million and declared a quarterly dividend of 55.5 cents per share, payable on Aug. 18, 2026. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The company invested about $1.1 billion in growth capital during the quarter, including $219 million funded with equity. As of June 30, 2026, Cheniere had $1.10 billion in cash and cash equivalents and total available liquidity of $7.48 billion, including $5.96 billion of available credit commitments. Its net long-term debt amounted to $22.63 billion, with a debt-to-capitalization of 66.3%. While we have discussed LNG’s second-quarter results in detail, let us take a look at three other key reports in this space. Houston, TX-based oil and gas equipment and services provider Halliburton HAL posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation RRC reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization. The company’s net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. Range Resources repurchased $78 million of shares and paid $24 million in dividends during the quarter. Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%. As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Motor fuel retailer Murphy USA Inc. MUSA reported second-quarter 2026 earnings of $11.27 per share, up 53.1% from $7.36 a year ago and ahead of the Zacks Consensus Estimate of $9.40 by 19.89%. The El Dorado, AR-based company’s total operating revenues surged 36% year over year to $6.81 billion and beat the Zacks Consensus Estimate of $5.90 billion by 15.34%. Murphy USA Inc. price-consensus-eps-surprise-chart | Murphy USA Inc. Quote Results benefited from stronger fuel economics, higher total retail volumes and merchandise contribution growth. Same-store fuel volumes increased 0.5%, while total retail gallons advanced 3.9%. Total fuel contribution increased 32% year over year to $518.8 million. Moreover, the reported figure beat our estimate of $447.4 million. Retail fuel contribution climbed 25% to $448.9 million as retail fuel margins expanded to 35.1 cents per gallon from 29.2 cents in the prior-year quarter.  Both Retail fuel contribution and margins exceeded our estimates of $362 million and 29 cents per gallon, respectively. All-in fuel contribution reached 40.6 cents per gallon, up from 32 cents a year earlier. Fuel supply, including RINs, contributed 5.5 cents per gallon compared with 2.8 cents. Management noted that tighter supply conditions supported stronger spot-to-rack spreads, while higher RIN prices aided results, though that timing benefit is not expected to persist through the second half. Total merchandise contribution rose 4% to $227.4 million, supported by higher merchandise sales and improved unit margins. Merchandise sales increased to $1.13 billion from $1.09 billion, while unit margin edged up to 20.1% from 20%. Nicotine remained the main growth engine. Same-store nicotine sales and margins increased 2.4% and 4.6%, respectively. Cigarette sales and margins returned to growth, while nicotine-pouch unit volume more than doubled. Non-nicotine same-store sales declined 1.4%, although margins improved 0.2%. Store and other operating expenses increased to $308.7 million from $275.2 million. Higher payment fees accounted for roughly two-thirds of the quarterly increase as higher retail fuel prices raised transaction costs. Employee-related expenses and new-store operating costs also contributed to the increase. Still, store operating expenses excluding payment fees and rent rose only 1.1% on an average-per-store-month basis to $36,500. SG&A increased to $60.5 million from $50.9 million, primarily reflecting employee-related expenses and higher incentive accruals. MUSA added six new-to-industry stores during the quarter and ended June with 1,806 locations. At quarter-end, 36 stores were under construction, including 32 new-to-industry sites and four raze-and-rebuild projects. Management expects 2026 new-store additions to be closer to 45, the low end of its 45-55 range, absent tuck-in acquisitions. The company also reduced planned raze-and-rebuild activity to about 10 stores and is directing more resources toward new development, its land pipeline and stores scheduled to open in 2027. Operating cash flow totaled $235 million in the quarter. Murphy USA ended June with $175.4 million in cash and cash equivalents and roughly $2.17 billion of long-term debt, with a debt-to-total capital of about 73.6%. Its revolving credit facility was undrawn at quarter-end. This Zacks Rank #3 (Hold) company repurchased about 143,100 shares for $76.8 million at an average price of $536.60 and paid a quarterly dividend of 64 cents per share. Capital expenditures are now expected near the high end of the $475-$525 million range as spending shifts toward growth, land purchases and proactive maintenance. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Management expects merchandise contribution to finish near the low end of the $890-$900 million range. Store operating expenses excluding payment fees, rent and SG&A are also tracking toward the low ends of their respective guided ranges, while the tax rate is expected near the high end of 23-25%. First-half all-in fuel margins averaged 37.9 cents per gallon. Assuming a relatively conservative 35-cent margin in the second half, management expects full-year net income of about $636 million and adjusted EBITDA of approximately $1.25 billion. Management also indicated that sustained fuel-price declines could create upside to both volumes and margins by improving MUSA's ability to differentiate on price. While we have discussed MUSA’s second-quarter results in detail, let us take a look at three other key reports in the energy space. Houston, TX-based oil and gas equipment and services provider Halliburton HAL posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation RRC reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization. Range Resources’ net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. It repurchased $78 million of shares and paid $24 million in dividends during the quarter. Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%. As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Murphy USA Inc. (MUSA) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Western Midstream Partners WES reported second-quarter 2026 earnings of 99 cents per unit, up 13.8% from 87 cents a year ago. The bottom line beat the Zacks Consensus Estimate of 90 cents by 10%. Quarterly revenues of $1.22 billion increased 30% year over year and topped the Zacks Consensus Estimate of $1.13 billion by 8.3%. Results benefited from impressive Delaware Basin natural gas and produced-water throughput, the Brazos acquisition contribution and higher commodity pricing. Other players in the midstream space that have already reported results are Enterprise Products Partners EPD and Kinder Morgan KMI. EPD and KMI beat the Zacks Consensus Estimate for earnings in the June quarter of this year. Both EPD and KMI have a strong presence in the midstream business, which is relatively more stable than upstream activities. Western Midstream Posts Strong Throughput Gains Natural-gas throughput attributable to WES averaged 5,343 million cubic feet per day (MMcf/D), up 3% sequentially. Delaware Basin natural-gas throughput reached a record 2,140 MMcf/D, increasing 5% from the first quarter, thanks to the contribution from the Brazos Delaware acquisition. Produced-water throughput rose 5% sequentially to 2,939 MBbls/D, while crude-oil and NGL throughput edged up to 523 MBbls/D. DJ Basin natural-gas throughput also reached a record 1,547 MMcf/D, signifying a 2% sequential increase. WES Records Margin Expansion Across Three Streams Adjusted gross margin per Mcf for natural-gas assets increased to $1.35 from $1.32 in the first quarter. Higher commodity pricing on excess NGL volumes under fixed-recovery contracts and the partial-quarter Brazos contribution supported the increase. Adjusted gross margin per barrel for crude oil and NGL assets rose to $3.21 from $3.07, mainly due to higher Delaware Basin deficiency fees. Produced-water adjusted gross margin improved to 96 cents per barrel from 90 cents, primarily reflecting higher throughput. Western Midstream Faces Higher Operating Costs Total operating expenses increased to $714.95 million from $524.06 million in the prior-year quarter. Operation and maintenance expenses climbed to $285.35 million from $224.63 million, while general and administrative expenses increased to $85.93 million from $66.15 million. The cost of the product surged to $117.44 million from $42.68 million. Depreciation and amortization increased to $205.95 million from $172.11 million. Despite the higher expense base, operating income advanced to $526.7 million from $444.48 million a year earlier. WES Generates Record Adjusted EBITDA Adjusted EBITDA reached a quarterly record of $736.5 million, increasing 19% year over year and roughly 8% sequentially. Distributable cash flow totaled $537.2 million. Operating cash flow was $534.7 million, while free cash flow totaled $263.6 million. Free cash flow after distributions was negative $111 million, reflecting organic growth capital spending. Second-quarter capital expenditures totaled $308.3 million. Western Midstream Raises 2026 Outlook Western Midstream raised its 2026 adjusted EBITDA guidance to $2.75 to $2.95 billion, with the $2.85 billion midpoint up $250 million from its original outlook. Distributable cash flow guidance increased to $2.05-$2.25 billion, while free cash flow expectations rose to $1.1-$1.3 billion. The partnership maintained its $850 million-$1 billion capital expenditure range but now expects spending near the high end. WES also reiterated its target of at least $3.70 per unit in distributions paid during 2026. Currently, WES carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Western Midstream Partners, LP (WES) : Free Stock Analysis Report Enterprise Products Partners L.P. (EPD) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Imperial Oil Limited IMO reported second-quarter 2026 adjusted earnings per share of $3.27, which beat the Zacks Consensus Estimate of $2.99 and increased from the year-ago quarter’s $1.34, driven by higher price realizations. Revenues of $11.6 billion missed the Zacks Consensus Estimate of $11.8 billion. However, the top line increased significantly from the year-ago quarter’s level of $8.1 billion, backed by strong performance in both the Upstream and Downstream segments. Imperial Oil Limited price-consensus-eps-surprise-chart | Imperial Oil Limited Quote During the quarter, Imperial Oil returned C$421 million to its shareholders through dividend payments. On July 31, 2026, the Calgary-based integrated oil and gas company declared a quarterly dividend of 87 Canadian cents per share on its outstanding common shares, payable on Oct. 1 to its shareholders of record as of Sept. 4. Upstream: Revenues of C$5.5 billion increased from the prior-year level of C$3.8 billion. The segment reported a net income of C$1.3 billion compared with C$664 million in the year-ago quarter. The company recorded average upstream production of 414,000 gross oil-equivalent barrels per day (boe/d) in the second quarter, which decreased from the prior-year level of 427,000 boe/d. Moreover, the figure missed our expectation of 416,000 boe/d. IMO recorded total gross bitumen production at Kearl averaged 257,000 barrels per day (182,000 barrels Imperial Oil's share), down from 275,000 barrels per day (195,000 barrels Imperial Oil's share) in the second quarter of 2025. The company also posted gross bitumen production at Cold Lake, averaging 149,000 barrels per day (bpd), which was an increase from 145,000 bpd in the second quarter of 2025. IMO’s share of gross production from Syncrude averaged 73,000 bpd, down from 77,000 bpd in the second quarter of 2025. Lower volumes at Syncrude were caused by extreme rainfall. Bitumen price realizations totaled C$95.79 per barrel compared with C$65.82 in the year-ago period. IMO received an average realized price of C$141.10 per barrel for synthetic oil compared with the prior-year quarter’s C$87.85. For conventional crude oil, it received C$85.52 per barrel compared with C$39.31 in the corresponding period of 2025. Downstream: Revenues of C$17.8 billion increased from the prior-year level of C$12.4 billion. Net income totaled C$787 million compared with C$322 million in the year-ago period. The company recorded petroleum product sales of 446,000 bpd, compared to 480,000 bpd in the second quarter of 2025. The figure beat our expectation of 410,000 bpd. The refinery throughput in the second quarter averaged 331,000 bpd, down from the prior-year quarter’s level of 376,000 bpd. Moreover, the figure missed our estimate of 357,000 bpd. Imperial Oil recorded lower refinery throughput, primarily due to planned turnaround impacts. The capacity utilization of 76% was down from the year-ago level of 87%. The figure also missed our estimate. Chemical: Revenues of C$447 million increased from C$356 million in the second quarter of 2025. Net income totaled C$65 million compared with C$21 million in the year-ago period. Total expenses of C$13.2 billion increased from the year-ago quarter’s C$10 billion. In the quarter under review, this Zacks Rank #3 (Hold) company’s capital and exploration expenditures totaled C$531 million, up from the year-ago quarter’s C$473 million. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Cash flow from operating activities was C$2.7 billion compared with C$1.5 billion in the year-ago quarter. As of June 30, 2026, Imperial Oil had cash and cash equivalents of C$2.8 billion. Total debt of the company amounted to C$3.96 billion, with a debt-to-capitalization of 13.9%. Imperial Oil lowered its 2026 refinery guidance, reducing expected throughput from 395,000-405,000 barrels per day to 370,000-380,000 barrels per day and refinery utilization from 91%-93% to 85%-88%. The revised outlook reflects the impact of unplanned downtime and a temporary rail logistics issue at the Strathcona refinery, which the company expects to resolve by the end of the year. While we have discussed IMO’s second-quarter results in detail, let us take a look at three other key reports in this space. Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation RRC reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization. The company’s net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. Range Resources repurchased $78 million of shares and paid $24 million in dividends during the quarter. Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%. As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025. Patterson-UTI Energy PTEN reported second-quarter 2026 adjusted earnings of break-even, outperforming the Zacks Consensus Estimate of a loss of 3 cents per share. The bottom line improved from the year-ago quarter's adjusted loss of 6 cents, primarily driven by stronger performance in its Completion Services segment and year-over-year improvement in the Drilling Products and Other operations. This Houston, TX-based oil and gas drilling company’s total revenues of $1.23 billion beat the Zacks Consensus Estimate of $1.15 billion by 7%. The top line also increased about 0.7% year over year, driven by improved activity and pricing in the Completion Services segment, along with higher revenues from Drilling Products and Other operations. As of June 30, 2026, PTEN had cash and cash equivalents of $203.2 million and long-term debt of $1.23 billion. Its debt-to-capitalization was 28.5%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Imperial Oil Limited (IMO) : Free Stock Analysis Report Patterson-UTI Energy, Inc. (PTEN) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

TC Energy Corporation TRP reported second-quarter 2026 adjusted earnings of 68 cents per share, beating the Zacks Consensus Estimate of 61 cents by 11.48%. Adjusted earnings per share in Canadian cents rose 15.3% year over year, supported by higher contributions across all four operating segments. Canada-based oil and gas storage and transportation company’s quarterly revenues of $2.86 billion beat the Zacks Consensus Estimate of $2.75 billion by 4.12% and increased 5.6% year over year. TC Energy Corporation price-consensus-eps-surprise-chart | TC Energy Corporation Quote Comparable EBITDA advanced 12% to C$2.95 billion, aided by strong pipeline utilization and Bruce Power availability. TRP’s board of directors declared a quarterly dividend of 87.75 Canadian cents per common share for the quarter ending Sept. 30, 2026, equivalent to $3.51 on an annualized basis. The common share dividend is payable on Oct. 30 to its shareholders of record on Sept. 29, 2026. Canadian Natural Gas Pipelines generated comparable EBITDA of C$961 million, up 4.1% from C$923 million in the year-ago quarter. The improvement primarily reflected higher flow-through depreciation on the NGTL and Canadian Mainline systems, along with increased incentive earnings on NGTL. U.S. Natural Gas Pipelines’ comparable EBITDA increased 11.8% to C$1.22 billion. Mexico Natural Gas Pipelines delivered C$409 million, up 28.2%, driven by contributions from the Southeast Gateway pipeline and higher earnings from Sur de Texas. Power and Energy Solutions’ comparable EBITDA climbed 19.9% to C$361 million on stronger Bruce Power results. Canadian Natural Gas Pipelines’ deliveries averaged 24.2 billion cubic feet per day (Bcf/d), up 1% year over year. Canadian Mainline Western receipts averaged 4.6 Bcf/d, representing a 4% increase from the prior-year quarter. U.S. pipeline flows increased 5% to 27 Bcf/d, while deliveries to liquefied natural gas facilities rose 13% to 3.9 Bcf/d. Mexico pipeline flows declined 5% to 3.4 Bcf/d, primarily due to pipeline flow adjustments. Deliveries to Mexican power-generation facilities remained unchanged at 1.4 Bcf/d. Bruce Power achieved 98.5% availability during the quarter and recorded no forced outage days. Its Unit 3 reactor returned to service following a major component replacement project more than seven months ahead of the schedule committed to Ontario’s Independent Electricity System Operator. The Unit 3 refurbishment also cost 15% less than the Unit 6 program. Bruce Power expects to return approximately C$150 million to Ontario ratepayers because of the favorable project performance. Meanwhile, TC Energy’s cogeneration power plant fleet recorded availability of 89.6%, reflecting planned spring outages. TRP sanctioned C$700 million of projects during the second quarter, bringing total projects approved in 2026 to approximately C$3 billion. The company also increased its pending-approval portfolio to roughly C$7 billion and identified more than C$20 billion of additional projects in origination. New projects include the Central Virginia Capacity expansion, with an estimated cost of $300 million, and the $100-million Clark project. These U.S. developments are supported by 20-year take-or-pay contracts and have a weighted-average build multiple of approximately 5.8 times. TC Energy also approved C$100 million of expansion facilities on the NGTL system. The company placed approximately C$1.8 billion of projects into service during the first six months of 2026. These included the Bison XPress project, Bruce Power Unit 3 and capacity additions on the NGTL system. Capital spending totaled C$1.12 billion in the second quarter, down from C$1.38 billion a year earlier. Net cash provided by operations increased to C$2.22 billion from C$2.17 billion, while comparable funds generated from operations rose to C$2 billion from C$1.96 billion. The company had cash and cash equivalents worth C$277 million and long-term debt of C$14.71 billion, with a debt-to-capitalization of 62.7% as of the same date. Management now expects comparable EBITDA to reach the upper end of its C$11.6-C$11.8 billion guided range. Comparable earnings per share are still projected to exceed the 2025 level. Net capital expenditures are expected between C$5.5 billion and C$6 billion. TRP continues to target comparable EBITDA of C$12.6-C$13.1 billion in 2028. Management cited strong asset availability, rate-case outcomes, project execution, commercial optimization and technology initiatives as key drivers. The company remains committed to achieving its long-term debt-to-EBITDA target of 4.75 times. TC Energy raised its forecast for incremental North American natural gas demand through 2035 to be 51 Bcf/d, representing a 40% increase from 2025 levels. Power generation accounts for more than half of the latest forecast increase, reflecting growing electricity and data-center requirements. This Zacks Rank #3 (Hold) company is also advancing artificial intelligence initiatives designed to improve pipeline operations. Management expects these efforts to contribute C$100 million of incremental EBITDA in 2026 and indicated that it was roughly halfway toward that target after the first two quarters. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. While we have discussed TRP’s second-quarter results in detail, let us take a look at three other key reports in this space. Houston, TX-based oil and gas equipment and services provider Halliburton HAL posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. Halliburton’s outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation RRC reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization. The company’s net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. Range Resources repurchased $78 million of shares and paid $24 million in dividends during the quarter. Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%. As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TC Energy Corporation (TRP) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Pembina Pipeline Corporation PBA reported second-quarter 2026 earnings per share of 48 cents, which missed the Zacks Consensus Estimate of 49 cents. However, it increased from the year-ago quarter’s level of 47 cents. This improvement was primarily driven by strong underlying operational performance and volume growth across the Pipelines and Facilities and Marketing & New Ventures divisions. PBA’s Pipelines, Facilities and Marketing & New Ventures volumes for the period were 2,809 thousand barrels of oil equivalent per day (mboe/d), 889 mboe/d and 372 mboe/d, respectively, beating the consensus estimates of 2,777 mboe/d, 302 mboe/d and 362mboe/d. This Calgary-based oil and gas storage and transportation company’s quarterly sales of $1.55 billion increased about 20% year over year, driven by higher revenue performance across all three segments. Pembina Pipeline Corp. price-consensus-eps-surprise-chart | Pembina Pipeline Corp. Quote The company’s operating cash flow increased 13.5% to C$897 million. Adjusted EBITDA increased about 5% year over year to C$1.06 billion. Pembina Pipeline’s board of directors declared a quarterly cash dividend of 73.5 Canadian cents per share to its common shareholders of record as of Sept. 15. The payout will be made on Sept. 29, 2026. During the second quarter, Pembina Pipeline advanced major pipeline and facilities projects, approved nearly C$3 billion (net) for the Greenlight Electricity Center and Heartland Extraction Plant, joined a West Coast oil pipeline initiative, and expanded long-term ethane agreements, supporting its 3Cs strategy and 5-7% annual fee-based adjusted EBITDA per-share growth target through 2030. Pipelines: Adjusted EBITDA of C$626 million decreased about 3.1% from the year-ago quarter’s level. This was caused primarily by lower net revenues on Alliance Pipeline as a result of the Alliance New Toll Structure. Volumes in this segment saw a 1.5% year-over-year increase to 2,809 mboe/d. Facilities: Adjusted EBITDA of C$386 million increased from the year-ago quarter’s C$331 million, driven primarily by higher revenues from the Redwater Complex as a result of RFS IV entering service in May 2026 and no comparable planned outage as occurred in the second quarter of 2025 and higher contributions from certain PGI assets due to higher volumes from the Wapiti Expansion entering service in March 2026, stronger performance at the Dawson assets, fewer planned outages compared to the prior period and higher recoveries driven by an asset upgrade. Volumes of 889 mboe/d increased by about 7.6% year over year. Marketing & New Ventures: Adjusted EBITDA of C$111 million increased from the year-ago quarter’s C$74 million. This increase was driven by wider WCSB and U.S. NGL frac spreads resulting from higher NGL prices, including the benefits from exposure to premium propane prices in Asian markets through West Coast exports, higher crude oil prices and sales volumes and higher realized losses on NGL-based derivatives and lower realized gains on crude oil-based derivatives. Volumes of 372 mboe/d increased 23.2% year over year. The company spent C$218 million as capital expenditure in the quarter under review compared with C$197 million a year ago. As of June 30, 2026, PBA had cash and cash equivalents worth C$153 million and C$19.8 billion in long-term debt. Debt-to-capitalization was 53.7%. This Zacks Rank #4 (Sell) company reiterated its 2026 adjusted EBITDA guidance of C$4.35 billion-C$4.55 billion, noting that it is currently trending to the midpoint of the range. At the midpoint of its guidance range, Pembina Pipeline expects third-quarter adjusted EBITDA to be lower than the second quarter due to seasonal trends, spending timing and certain one-time items, with stronger earnings anticipated in the fourth quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. While we have discussed PBA’s second-quarter results in detail, let us take a look at three other key reports in this space. Halliburton Company HAL reported second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. Meanwhile, HAL’s second-quarter revenues of $5.7 billion were up 3.7% year over year and beat the Zacks Consensus Estimate of $5.5 billion. The outperformance was driven by higher revenues in both segments of the company — the Completion and Production segment and the Drilling and Evaluation segment. Halliburton reported second-quarter capital expenditure of $235 million. As of June 30, 2026, the company had approximately $2 billion in cash/cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. Liberty Energy Inc. LBRT reported a second-quarter 2026 adjusted net profit of 9 cents per share, beating the Zacks Consensus Estimate of 7 cents. The outperformance was driven by the company’s focus on AI-driven technology advancements and strong operational execution. However, the bottom line decreased from the year-ago quarter’s profit of 12 cents due to increased year-over-year costs and expenses. LBRT's revenues totaled $1.2 billion, which beat the Zacks Consensus Estimate of $1.1 billion. The top line also increased from the prior-year quarter’s $1 billion by 14%, supported by record utilization and a modest pricing uplift along with higher product sales. As of June 30, Liberty Energy had approximately $555.4 million in cash and cash equivalents. The pressure pumper’s long-term debt of $1.3 billion represented a debt-to-capitalization of 39.5%. Houston, TX-based oil and gas storage and transportation company Kinder Morgan Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents in the year-ago quarter. KMI’s revenues increased 10.8% year over year to $4.48 billion from the prior year’s figure of $4.04 billion. Revenues surpassed the consensus estimate of $4.29 billion by 4.43%. Cash flow from operations was $1.96 billion in the quarter. Meanwhile, free cash flow was $978 million and free cash flow after dividends reached $313 million. As of June 30, 2026, KMI reported $89 million in cash and cash equivalents. Net debt stood at $32.03 billion at quarter-end. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Pembina Pipeline Corp. (PBA) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report Liberty Energy Inc. (LBRT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research