- Crude oil prices turned higher Friday, Treasury yields hit the 5% mark, and energy names did well even as the Dow and broader indexes posted losses.
- August leading economic indicators soured sentiment on the stock market, pressuring the Dow in early-afternoon trading.
- Chip-equipment giants Lam Research and Applied Materials outperformed and led the Nasdaq 100 higher.
- Enterprise Products Partners yields 5.68% at $38.45 with a $2.24 annualized forward distribution, 1.9x Q2 distribution coverage on $2.3 billion of operational distributable cash flow, record Q2 pipeline volumes of 14.7 million barrels per day, and $6.5 billion of organic growth projects under construction.
- MPLX yields 7.37% with a $4.306 annualized forward distribution, 3.7x leverage against a 4.0x target, 2026 growth capex raised to $2.9 billion with more than 90% directed to Permian and Marcellus natural gas and NGL infrastructure, and a public commitment to 12.5% annual distribution growth through 2027.
- Williams yields 2.89% and guides 2026 AFFO of $6.085 billion to $6.315 billion with adjusted EBITDA midpoint raised $200 million to $8.4 billion after the Momentum Midstream deal, funded by $7.3 billion to $7.9 billion of 2026 growth capex and a Blackstone Power Innovation JV supplying $5.34 billion of low-cost capital.
- ONEOK yields 4.57% at $91.84 with a $4.28 annualized forward dividend, roughly 90% fee-based earnings in 2025, and full-year 2025 adjusted EBITDA of $8.02 billion, up 18% year over year.
- All four midstream operators held dividends flat through the 2020 crash, then resumed raises, with Enterprise, MPLX, and Williams keeping payouts unchanged across every 2020 ex-dividend date before stepping them higher.
Quotes
“the price of crude oil rose”
“energy names did well”
“Midstream energy is the cyclical income lane that keeps quietly working.”
“Management has publicly committed to 12.5% annual distribution growth through 2027”