The movers and keepers of fuel — they run the pipelines, storage tanks and tankers that carry oil and gas from where it's found to where it's used.
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TD Cowen Upgrades Targa Resources to Buy, Lifts Price Target to $350
TD Cowen upgraded Targa Resources to Buy from Hold and raised its price target to $350 from $275, sending the oil and gas infrastructure company's shares up 3.3% in Friday's trading. Analyst Jason Gabelman cited expected Permian Basin wet gas growth and peer-leading EBITDA growth, saying Targa has grown its Permian gas processing volumes faster than underlying robust Permian gas growth, a trend he expects to continue on producer activity and expanding gas-to-oil ratios. He forecast 17 new processing plants through 2030 and two plants per year beyond 2030, underpinned by maintained market share and Targa's relationship with Permian-growth leader Exxon. Gabelman also sees Targa's free cash flow yield improving to greater than 10% in 2028 from 6% in 2026, versus peer FCF yield of 8.5% in 2030, supported by EBITDA growth from new processing plants and completion of the large Speedway NGL pipeline capital project, which he said could push the market toward a 2030 valuation methodology rather than 2027 EBITDA.
Hafnia Raises TORM Stake Above 18% to Become Largest Disclosed Shareholder
Hafnia Limited has increased its stake in tanker operator TORM to 18.22%, making it the largest disclosed shareholder in the company. The additional share purchase lifts Hafnia's holding beyond other reported investors and reshapes TORM's disclosed ownership structure. Hafnia, a sector peer, has committed over US$456 million across two transactions to reach the top of the register, a position that raises questions over future influence on TORM's board and capital decisions. The move follows TORM's September 2026 follow-on offering of 9,000,000 shares, and investors will watch whether Hafnia's presence coincides with any shift in fleet renewal, charter mix, or dividend policy. TORM operates a fleet of product tankers serving customers in the United Kingdom and internationally, and the business is valued at DKK24.7b.
South Bow Posts $134 Million Q2 Profit, Raises 2026 Guidance
South Bow Corp. reported second-quarter 2026 revenue of $546 million and net income of $134 million, or $0.64 a share, as disrupted global crude flows drove shippers to its US Gulf Coast system. Throughput on the US Gulf Coast segment of the Keystone Pipeline System averaged roughly 800,000 barrels per day, up from 709,000 bbl/d in the first quarter and 760,000 bbl/d a year earlier, lifting normalized EBITDA to $280 million, a 9% increase from the first quarter, and distributable cash flow to $175 million, up 4% sequentially. The board declared a quarterly dividend of $0.50 a share, payable October 15, to shareholders of record as of September 29, and management raised full-year guidance to $1.04 billion in normalized EBITDA and $665 million in distributable cash flow. An open season closed with 20-year binding commitments from nine customers for 465,000 bbl/d of firm transportation service from Hardisty, Alta., to US delivery points. South Bow warned that third-quarter normalized EBITDA will land about 10% below the second quarter's $280 million as declining crude inventories at Cushing, Okla., tighten pricing differentials, and it raised growth capital spending guidance to approximately $80 million, largely for $65 million of pre-final investment decision costs tied to the proposed Prairie Connector and Liberty Bridge Pipeline projects, with a final investment decision not targeted until mid-2027.
TORM Closes 9M Share Secondary Offering by Oaktree Affiliate
TORM plc has announced the closing of its previously disclosed secondary public offering of 9 million Class A common shares. The shares were sold by OCM Njord Holdings S.à r.l., an entity indirectly owned by funds managed by Oaktree Capital Management, L.P. Following the transaction, Oaktree retains beneficial ownership of approximately 11.06% of TORM's Class A common shares. The selling shareholder also granted underwriters a 30-day option to purchase up to an additional 1.35 million Class A common shares. TORM did not issue or sell any shares in the transaction and received no proceeds from the offering.
Williams Companies Loses New Jersey Water Permit for $1 Billion NESE Pipeline
The Williams Companies lost a key New Jersey water-quality certification for its Northeast Supply Enhancement project, or NESE, after a September 8 federal appeals court ruling reported by Reuters on September 9. The Third Circuit vacated the certification and returned the matter to state regulators. Williams said it did not currently expect the ruling to adversely affect construction or its anticipated in-service timeline, and it continues to target fourth-quarter 2027 service. The project, which Reuters described as costing approximately $1 billion, expands the existing Transco network through Pennsylvania, New Jersey and New York, adding planned capacity of approximately 400,000 dekatherms per day. The remand leaves a route for reconsideration by New Jersey regulators, but the timing and expense of securing a legally effective replacement approval will determine whether the schedule and the economics of the investment hold.
Hafnia Buys 4.5M TORM Shares for $145M, Becomes Largest Shareholder
Hafnia agreed to acquire 4.5 million TORM shares for $145 million from Oaktree Capital Management, lifting its stake to 18.22% and making it the largest shareholder of the oil product tanker company. TORM shares jumped 6.5% to a more-than-two-year high on the news. The purchase renews speculation that the two companies will merge, as Hafnia has said industry consolidation could create value. Shipping analysts at SEB described the move as "consolidator behavior," noting it fits a pattern of a strategic owner accumulating shares while a financial investor reduces its position. Hafnia bought a 14% stake in TORM from Oaktree in December and said earlier this week it would offer 9 million TORM shares at $32.25 per share.
Enbridge Restarts Line 5 via Temporary Bypass After Wisconsin Incident
Enbridge Inc. has safely returned Line 5 to service using a temporary bypass around the damaged section of the pipeline following an incident near Saxon, Wisconsin. The incident involved an unoccupied subcontractor flatbed truck that rolled into an open excavation and struck the pipeline, releasing natural gas liquids, mainly propane and butane; no injuries were reported and the affected section was immediately isolated. Line 5 is critical infrastructure supplying 10 refineries and propane production facilities serving millions of people across the Midwest and Great Lakes regions, and the prompt restart limits the duration of the disruption and supports the stability of Enbridge's contract-based cash flows. Ongoing monitoring has found no impacts to wildlife, surface water or a nearby residential well, and water monitoring wells continue to show no contamination, while soil and water monitoring and plans to test and properly dispose of affected soil continue. Permanent work at the damaged section and removal of the truck remain part of the company's response as it coordinates with federal and local authorities.
Kinetik Posts Record Quarter, Raises 2026 Guidance on Permian Expansion
Kinetik Holdings Inc. reported the strongest quarterly results in company history on August 5 and raised its full-year 2026 guidance, while launching a string of expansion decisions that stretch out to 2028. The Permian-focused midstream operator posted net income, including noncontrolling interest, of $123.1 million for the quarter ended June 30, with Adjusted EBITDA climbing to $280.8 million. Its largest unit, the Midstream Logistics segment, grew Adjusted EBITDA 35% year over year to $204.8 million even though processed natural gas volumes held flat at 1.74 Bcf/d, a figure that came despite roughly 250 million cubic feet per day of gas shut in because of weak Waha-area pricing. Kinetik raised its full-year 2026 Adjusted EBITDA guidance to a range of $1.04 billion to $1.1 billion, a 7% bump from the guidance it issued in February, and lifted its 2026 capital expenditure guidance to approximately $560 million to cover the roughly $260 million Kings Landing II sour gas processing project, accelerated customer development, long-lead equipment for another processing expansion, and right-of-way work on the ECCC Pipeline. The Pipeline Transportation segment posted Adjusted EBITDA of $83.0 million, down 14% year over year, which the company attributes to last year's divestiture of its equity stake in EPIC Crude Holdings, and Kinetik expects gas curtailments to keep running at an average of 25 million cubic feet per day through the second half of 2026 while modeling Waha Hub natural gas at negative $0.26 per MMBtu for the full year. Net debt stood at $3.94 billion at quarter end, putting the leverage ratio at 3.85 times, and the stock trades at a forward price-to-earnings ratio of 22.12 as of September 16, with hedge fund ownership rising from 25 funds to 29 and short interest at 9.25% of float.
International Seaways Posts Record Q2 Net Income of US$294.93 Million on Tanker Rate Surge
International Seaways reported record second-quarter net income of US$294.93 million, or US$5.96 in basic EPS, on quarterly sales of US$211.76 million, as soaring tanker rates and higher time charter equivalent revenues reflected disruptions around key Middle East chokepoints such as the Strait of Hormuz. Those chokepoint disruptions have forced tankers onto longer routes, effectively tightening global fleet capacity and amplifying earnings power across the crude and product shipping space. The record quarter strengthens the near-term earnings catalyst but also highlights the biggest risk: how quickly tanker rates could normalize if trade flows ease. International Seaways' narrative projects US$858.6 million in revenue and US$258.8 million in earnings by 2029, implying a 12.0% yearly revenue decline and a US$520.0 million earnings decrease from US$778.8 million today, while the most optimistic analysts still penciled in around US$914.5 million of 2029 revenue and US$389.5 million of earnings. The forecasts yield a US$102.17 fair value, a 5% downside to the current price.
PRM expects Q3 2026 profit growth as FSU fleet runs at full 100% on oil reserve demand
Prima Marine Public Company Limited, or PRM, expects its third-quarter 2026 results to grow from both the previous quarter and the same period a year earlier. Patchara Rodsomboon, Senior Manager of Finance and Investor Relations, said the company is being supported by its offshore oil storage and blending business, or FSU, where vessel utilisation is running at a full 100% on rising demand for oil reserves amid the prolonged conflict in the Middle East. Meanwhile, its domestic and regional crude oil transport business, covering Malaysia, Singapore, the Philippines and Indonesia, has vessel utilisation of 90%. Its very large crude carriers, or VLCCs, are running at 100% utilisation, mostly under long-term time charter contracts, while its offshore support vessels for petroleum exploration and production, or OSVs, are at about 90%. On fleet expansion, PRM currently operates a total of 71 vessels and will take delivery of two additional domestic oil tankers in the fourth quarter of 2026, bringing the total fleet to 73 vessels by the end of 2026. The two new vessels will replace older ships sold in the second quarter of 2026 and offer better fuel efficiency. On fuel cost management, the company said most of its shipping contracts are on a cost-plus basis, allowing it to adjust service fees in line with changing oil costs. At the same time, PRM is pushing ahead with expanding its chemical transport business to handle chemicals, feedstocks, rubber, biodiesel and sustainable aviation fuel, or SAF, in order to diversify risk and prepare for long-term changes in the energy industry.
Stifel Resumes Energy Transfer Coverage With Buy Rating and $25 Target
Stifel resumed coverage of Energy Transfer LP with a Buy rating and a $25 price target, implying 16% upside from current levels. The firm called the midstream operator undervalued and diversified, citing rising natural gas demand from the power sector, incremental Permian Basin gathering and processing and egress opportunities, and continued global growth in NGL exports. Energy Transfer's NGL transportation volumes rose 13% year over year in the second quarter and its NGL exports rose 25% year over year, both records for the partnership, and the company expects to spend between $5.6 billion and $5.9 billion in organic growth capital expenditures in 2026, much of it directed toward natural gas and NGL infrastructure. The stock has surged almost 30% since the beginning of 2026, and the company carries an annual dividend yield of 6.31% while targeting long-term annual distribution growth of 3% to 5%. Stifel's call reinforces the bull case, though elevated capital spending and the risk that data center-driven gas demand expectations prove overly optimistic remain key concerns.
Enbridge restarts Line 5 after Wisconsin spill, opens season for West Texas Express
Enbridge said Monday it returned Line 5 to service after the pipeline was shut down following a spill in Wisconsin's rural Iron County last month. The line was taken offline on August 25 when an unoccupied, parked semi-truck rolled into an open Line 5 excavation site and struck a pipe, causing a spill of natural gas liquids. The company said it will continue environmental monitoring at the site, but that wildlife has not been affected. Separately, Enbridge said Tuesday it launched a non-binding open season for its proposed West Texas Express pipeline to transport gas west from the Waha area of the Permian Basin to markets in and around El Paso, Texas. West Texas Express is planned to include more than 150 miles of new pipeline with an initial transportation capacity of up to 2B cf/day, and the company said it is targeting a Q4 2029 in-service date, subject to securing sufficient commercial support and obtaining required approvals.
Kinetik Holdings Explores Sale as Strong Fundamentals Boost Takeover Appeal
Kinetik Holdings Inc. is exploring strategic alternatives, including a potential sale, according to a September 9 Bloomberg report, as midstream assets become increasingly attractive to infrastructure and energy buyers. The company's improving financial performance could strengthen its negotiating position, with second-quarter adjusted EBITDA rising to $280.8 million from $251.2 million in the first quarter and free cash flow reaching $105.2 million. Management also raised its full-year 2026 adjusted EBITDA guidance to between $1.04 billion and $1.10 billion, with the $1.07 billion midpoint approximately 7% above the midpoint of its original outlook. The potential sale comes amid strong midstream M&A demand, highlighted by Enbridge's agreement to acquire Tallgrass Energy's oil business for $2.55 billion and ONEOK's agreement to acquire Brazos Midstream's Midland Basin assets for $4.43 billion. Kinetik operates more than 4,600 miles of pipelines and owns processing and compression infrastructure serving the Delaware Basin, and its predominantly fee-based business model could appeal to buyers seeking predictable cash flows. The stock surged more than 5% in after-hours trading following reports of a potential transaction, though the company has also increased its 2026 capital expenditure guidance to approximately $560 million, which could raise the capital a prospective buyer would need to commit.
TORM Launches Secondary Offering of 9M Class A Shares by Oaktree-Linked Holder
TORM announced on Monday the commencement of a secondary public offering of 9M of the company's Class A common shares by OCM Njord Holdings, a company indirectly owned by funds managed by Oaktree Capital Management, L.P., and its affiliates. The selling shareholder expects to grant the underwriter a 30-day option to purchase up to an additional 1.35M Class A common shares offered in this offering. The selling shareholder beneficially owns approximately 20% of the company's Class A common shares before this offering. TORM is not selling any Class A common shares and will not receive any proceeds from the sale of its Class A common shares by the selling shareholder.
Energy Transfer to Move NYSE Listing to Texas Stock Exchange in October
Energy Transfer LP is set to move the primary listing of its common and Series I preferred units from the New York Stock Exchange to the Texas Stock Exchange in early October, making it the first major company to switch from the NYSE to the newly established Dallas exchange. Reuters said the companies moving to TXSE, including Energy Transfer and related energy businesses, represent nearly $100 billion in combined market value, giving the fledgling exchange an important early credibility boost. WSJ reported that Energy Transfer is worth roughly $75 billion and that Executive Chairman Kelcy Warren is a major backer of TXSE, owning about 30% of its parent company. TXSE is backed by major financial institutions including BlackRock, Citadel Securities, and Charles Schwab, but currently represents less than 1% of U.S. equity trading, according to WSJ. The listing change does not create earnings or improve Energy Transfer's pipelines, cash flow, leverage, or distributions, leaving investors to weigh whether the move delivers tangible value for unitholders or primarily helps establish the new exchange.
Enbridge to Buy Tallgrass Energy's Crude Oil Business for $2.55 Billion
Enbridge Inc. has agreed to buy Blackstone-owned Tallgrass Energy's crude oil business for $2.55 billion in cash, expanding its presence in the U.S. liquids pipeline market. The deal includes a 75% stake in the 1,050-mile Pony Express Pipeline, a 51% interest in the Powder River Gateway system, around 8.4 million barrels of storage capacity and crude marketing operations. Pony Express can move roughly 460,000 barrels of crude per day between the Rockies and the Cushing, Oklahoma, hub, and the acquisition also gives Enbridge greater exposure to major producing regions including the Bakken, Powder River and Denver-Julesburg basins. Enbridge expects the assets to generate significant free cash flow and says the transaction should add to distributable cash flow per share in the first full year after closing, fitting its broader strategy of growing fee-based energy infrastructure backed by its C$41 billion secured growth backlog. Reuters reported that Enbridge plans to partly fund the deal through an equity offering, which could dilute existing shareholders, and the deal is valued at roughly 10–11 times forward EBITDA.
Enbridge Strikes Three Deals in Two Weeks, Including Nearly $3.2 Billion in Acquisitions
Enbridge has announced three transactions in the past two weeks, including nearly $3.2 billion of acquisitions, as the Canadian energy infrastructure giant moves to strengthen its 5.8%-yielding dividend. On Aug. 26, Enbridge announced the acquisition of Salt Creek Midstream's crude oil gathering business for $600 million, adding 500 miles of crude oil gathering infrastructure in the core of the Delaware Basin. On Sept. 9, it unveiled a larger deal, agreeing to acquire Tallgrass Energy's crude oil business for $2.55 billion, which includes a 75% interest in the 1,050-mile Pony Express Pipeline, a 51% interest in the Powder River Gateway System, and 8.4 million barrels of storage capacity. Enbridge expects both acquisitions to be accretive to distributable cash flow per share within the first year, and the Tallgrass deal includes the PXP2 growth project, a $300 million expansion expected to enter service in late 2027. To help fund the deals, Enbridge announced a stock offering seeking to raise at least CA$2.6 billion, or $1.9 billion, while KKR and Apollo agreed on Aug. 27 to invest about CA$2.7 billion, or $2 billion, in a new joint venture supporting expansion of its Westcoast Pipeline System, with Enbridge receiving CA$700 million, or $505 million, in cash at closing.
Western Midstream Rises 1.74% as Analysts Lift Estimates Ahead of Earnings
Western Midstream closed up 1.74% at $49.03, outpacing the S&P 500's 0.86% gain, as the company heads into its upcoming earnings report with a Zacks Rank of #1 (Strong Buy). Analysts expect the company to report quarterly EPS of $0.89, a 2.3% increase from the year-ago quarter, on revenue of $1.2 billion, up 25.52% year over year. For the full year, the Zacks Consensus Estimates call for earnings of $3.66 per share and revenue of $4.67 billion, representing changes of +22.82% and +21.47%, respectively, from last year. Over the past month, the Zacks Consensus EPS estimate has moved 3.82% higher. The stock trades at a Forward P/E ratio of 13.18, a premium to its industry's average of 12.8, and a PEG ratio of 1.42, in line with its industry average.
Enterprise Products Partners Posts Record Q2 EBITDA of $2.8 Billion
Enterprise Products Partners reported record second-quarter adjusted EBITDA of $2.8 billion, up 17% year over year, alongside record operational distributable cash flow of $2.3 billion, up 21%. Pipeline volumes hit a record 14.7 million barrels of oil equivalent per day, up 8%, while marine-terminal volumes rose 33% to 2.8 million barrels per day, which Co-Chief Executive Officer James Teague said had returned to normal levels in June and July after the initial rush to backfill volumes affected by hostilities in the Middle East in April and May. In July the company declared a quarterly distribution of $0.56 per unit, or $2.24 annualized, a 2.8% increase from a year earlier, equating to a yield of approximately 5.8% at its September 8 closing price of $38.83, and marking 27 consecutive years of distribution increases. Enterprise Products Partners has $6.5 billion of major capital projects under construction and expects 2026 organic growth capital spending, net of asset-sale proceeds, of $2.9 billion to $3.4 billion, while retaining $1.1 billion of distributable cash flow for internally funded growth capital expenditures and buybacks. The company remains exposed to volumes, spreads and demand across natural gas liquids, petrochemicals and exports, and its recent results included unusually strong market conditions.
WP pushes into rooftop solar as state offers 50,000 baht per household
WP Energy is pressing ahead with its rooftop solar expansion, targeting growth of no less than 10 megawatts in 2026, amid a government policy that is preparing to support household rooftop solar installations with a subsidy of 50,000 baht per household, covering a target of up to 1.5 million households, representing total support of roughly 75 billion baht. Chomkamol Poompanmuang, chief executive officer of WP, said that in the second half of the year the company will continue to expand its rooftop solar business, which will support overall operating results in growing in line with targets. The state is also preparing to coordinate with state financial institutions, namely the Government Savings Bank, the Government Housing Bank, and the Bank for Agriculture and Agricultural Cooperatives, to provide credit support to the public, along with a plan to allow households to sell electricity back into the system, which will shift the role of rooftop solar installers from electricity users to small-scale power producers that can generate income. The final details of the project are still awaiting an official conclusion.
Western Midstream Falls 2.23% as Analysts Raise EPS Estimate 4.01%
Western Midstream closed at $48.19, down 2.23% from the prior session, a steeper decline than the S&P 500's 0.59% loss. Ahead of its upcoming earnings release, analysts expect the company to post earnings of $0.89 per share, up 2.3% year over year, on quarterly revenue of $1.2 billion, up 25.52% from the year-ago period. For the full year, the Zacks Consensus Estimates project earnings of $3.66 per share and revenue of $4.67 billion, representing changes of +22.82% and +21.47%, respectively. Over the last 30 days, the Zacks Consensus EPS estimate has risen 4.01%, and Western Midstream currently carries a Zacks Rank of #1 (Strong Buy). The stock trades at a Forward P/E ratio of 13.45, a premium to its industry's 12.83, with a PEG ratio of 1.45.
ONEOK Closes $9 Billion Apollo Minority Equity Investment
ONEOK, Inc. announced the closing of a previously announced $9 billion minority equity investment by funds and affiliates managed by Apollo. Under the terms of the agreement, Apollo invested $9 billion in exchange for a nonvoting Class B minority interest in a newly formed holding company, ONEOK Holdings, L.L.C., which is structurally subordinate to the company's debt. The minority equity investment has been reviewed with ONEOK's credit rating agencies, all of which consider the transaction credit-enhancing. ONEOK is a leading midstream operator with an approximately 60,000-mile pipeline network, and Apollo had approximately $1.05 trillion of assets under management as of June 30, 2026.
Court Reverses New Jersey Water Permit for Williams' NESE Pipeline
The U.S. Third Circuit Court of Appeals reversed a key New Jersey water permit for Williams' long-delayed Northeast Supply Enhancement natural gas pipeline, granting petitions filed by environmental groups and remanding the Water Quality Certification to the New Jersey Department of Environmental Protection. Williams said it is working promptly with state regulatory officials to address the court's findings and does not currently expect the decision to affect construction or its anticipated in-service timeline, with the company targeting completion of NESE in the fourth quarter of 2027. NESE is a roughly $1 billion project being developed by Williams' Transco unit that would expand the existing Transco pipeline system and include an offshore pipeline segment in Raritan Bay between New Jersey and New York, designed to transport around 0.4 billion cubic feet per day of natural gas from Pennsylvania through New Jersey and into New York. Williams expects the project to increase Transco's capacity by 400,000 dekatherms per day, enough to serve the equivalent of about 2.3 million homes. The ruling follows a lawsuit by environmental groups against NJDEP, which had previously rejected the project in 2019 for failing to demonstrate compliance with state water quality standards, and opponents have also raised concerns that dredging the Raritan Bay floor could disturb sediment containing contaminants such as mercury and PCBs.
Macy's raises guidance, Meta upgraded, Novartis board overhaul urged in premarket moves
Macy's reported a second-quarter revenue beat and raised its full-year guidance for net sales, comparable sales and earnings per share, though it was unclear whether its quarterly EPS of 40 cents was comparable to the 37 cent LSEG consensus estimate, and shares slipped 1.6%. Meta Platforms added 1.4% after an upgrade at JPMorgan, which sees meaningful upside potential as Meta rolls out its artificial intelligence models and products, while Apple rose 1% a day after unveiling its foldable iPhone and other products. Novartis rose nearly 2% after Reuters reported a major shareholder called for an overhaul of the drugmaker's board to boost corporate governance, following three drug trial setbacks earlier this week. AeroVironment jumped more than 5% after first-quarter adjusted earnings of 59 cents per share and revenue of $480 million trounced LSEG estimates of 25 cents a share on $456 million, while American Eagle Outfitters fell more than 15% on a 1% second-quarter comparable sales decline and current-quarter operating income guidance of $110 million to $115 million, below the $124.3 million StreetAccount consensus. Enbridge slid nearly 3% after announcing it would acquire Tallgrass Energy's crude transportation business for $2.55 billion, and Kinetik moved 4.6% higher following a Bloomberg News report that it is exploring options, including a potential sale.
Enbridge to Buy Tallgrass Crude Pipeline Business for $2.55 Billion
Enbridge has agreed to acquire Tallgrass Energy's crude transportation business for $2.55 billion in cash, adding major pipeline and storage assets connecting U.S. Rockies production with the Cushing, Oklahoma, oil hub. The transaction includes a 75% interest in the 1,050-mile Pony Express Pipeline, which has capacity of roughly 460,000 barrels per day and links Rockies crude production with Cushing and around 500,000 bpd of refining capacity. Enbridge will also acquire a 51% interest in the Powder River Gateway system, which includes two pipelines with combined capacity of about 240,000 bpd, as well as approximately 8.4 million barrels of crude storage across nine terminals. Enbridge said the $2.55 billion purchase price represents an estimated forward enterprise value-to-EBITDA multiple of between 10 and 11 times, and the deal also includes the PXP2 expansion project, a roughly $300 million investment expected to lift Pony Express capacity to approximately 515,000 bpd under take-or-pay contracts with service expected in late 2027. Once the transaction closes, Enbridge plans to add PXP2 to its secured growth backlog, currently valued at $41 billion, and the company said an equity offering will partly finance both this acquisition and its August agreement to acquire Salt Creek Midstream's crude gathering business. The transaction remains subject to regulatory approvals, including U.S. antitrust clearance, and is expected to close later in 2026.
Kinetik Holdings Explores Options Including Potential Sale, Shares Rise 5.1%
Kinetik Holdings is in the early stages of exploring options, including a potential sale, according to a Bloomberg report. The energy pipeline company is working with advisors to prepare for a potential sale process that could start within weeks, though no final decision has been made and it could decide to remain independent. Kinetik controls a large network of gas gathering and processing infrastructure in the Permian Basin and also holds crude oil and water-gathering assets. Blackstone is the company's largest shareholder, with a roughly 15% stake as of midyear, according to data compiled by Bloomberg. In February, the Financial Times reported that Kinetik was considering a sale following an approach from Western Midstream Partners. Shares of Kinetik rose 5.1% in post-market trading Wednesday following the report.
Energy Transfer to Move Primary Listing from NYSE to Texas Stock Exchange
Energy Transfer is preparing to become the first major company to switch its primary listing from the NYSE to the Texas Stock Exchange, The Wall Street Journal reported late Wednesday. The pipeline company, which carries a market capitalization of roughly $75 billion, plans to make the move as soon as next month. Energy Transfer Executive Chairman Kelcy Warren, whose estimated net worth exceeds $9 billion, is a major backer of the exchange's parent company, holding a roughly 30% stake in TXSE Group according to a 2025 filing. TXSE has already attracted multiple ETFs that will list on it in the coming weeks, but the Dallas-based Energy Transfer would be the first big corporate listing on the venue.
U.S. Court Overturns Key New Jersey Permit for Williams' NESE Pipeline
The U.S. Third Circuit Court of Appeals has reversed a key New Jersey water permit for Williams' Northeast Supply Enhancement natural gas pipeline project, which spans Pennsylvania, New Jersey, and New York. In a ruling on Tuesday, the court granted petitions by environmental groups to vacate New Jersey's Water Quality Certification and sent the case back to the New Jersey Department of Environmental Protection. The groups had sued the NJDEP last November for unjustifiably approving the certification, which the agency had rejected in 2019 due to the project's failure to demonstrate compliance with state water quality standards. The NESE pipeline is a $1B project that would transfer natural gas from Pennsylvania through New Jersey to New York, and Williams' Transco unit broke ground on it in April. Williams also has proposed another long-delayed project in the northeast, the Constitution pipeline from Pennsylvania to New York and New England, which is not yet under construction.
Plains All American prices $1.5B debt offering to redeem preferred units
Plains All American Pipeline announced Wednesday that it priced a $1.5 billion public offering of junior subordinated notes, split into $700 million of 6.750% Series A Notes and $800 million of 7.000% Series B Notes, both due in 2056. The notes were priced at 100% of face value, with interest rates resetting every five years after the first reset dates in 2031 and 2036, based on the five-year U.S. Treasury rate plus a spread, with a floor at the initial rates. The offering is expected to close on September 14, 2026, subject to customary conditions. The company plans to use the net proceeds, along with cash on hand and commercial paper borrowings, to redeem all outstanding Series A preferred units around September 14 and Series B preferred units around October 9, including accrued and unpaid distributions.
Plains All American Prices $1.5B Notes Offering to Redeem Preferred Units
Plains All American Pipeline, L.P. has priced an underwritten public offering of $1.5 billion in junior subordinated notes, comprising $700 million of 6.750% Series A notes due 2056 and $800 million of 7.000% Series B notes due 2056, both priced at par. The company intends to use the net proceeds, along with cash on hand and commercial paper borrowings, to redeem all of its outstanding Series A and Series B Preferred Units, with redemptions expected around September 14 and October 9, 2026, respectively. The notes feature interest rate resets beginning in 2031 for Series A and 2036 for Series B, with rates based on the Five-Year U.S. Treasury Rate plus a spread, subject to a floor at the initial rate. The offering is expected to close on September 14, 2026, with J.P. Morgan Securities, Citigroup Global Markets, Mizuho Securities, MUFG Securities, and Truist Securities acting as joint book-running managers.
Enbridge Inc. has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets and CIBC Capital Markets to purchase 38,900,000 common shares on a bought deal basis, generating aggregate gross proceeds of CDN$2.6 billion at an offering price of CDN$66.85 per share. The company intends to use the net proceeds to partially fund announced acquisitions and to create financial flexibility for potential future growth opportunities, with a portion possibly used to reduce indebtedness or invested in short-term liquid investments. The offering is expected to close on or about September 14, 2026, and the underwriters have an option to purchase up to 15% additional shares to cover over-allotments, which if exercised in full would bring total gross proceeds to approximately CDN$3.0 billion. The shares will be offered in Canada and the United States through prospectus supplements, and may also be offered on a private placement basis in other jurisdictions.
Enbridge to Acquire Tallgrass Crude Business for $2.55 Billion
Enbridge Inc. announced it will acquire Tallgrass Energy's crude oil transportation business for U.S.$2.55 billion in cash, expanding its North American crude franchise. The deal includes a 75% stake in the Pony Express Pipeline, a 1,050-mile system with about 460 kbpd capacity, a 51% interest in the Powder River Gateway system, and approximately 8.4 million barrels of storage capacity across nine terminals. Enbridge expects the acquisition to be accretive to distributable cash flow per share in the first full year of ownership and plans to partially fund it with an equity offering. The transaction is expected to close later in 2026, subject to regulatory approvals.
EnergyPathways selects Jacobs for UK's MESH project
EnergyPathways has appointed Jacobs to provide consenting, regulatory, and Development Consent Order services for its Marram Energy Storage Hub project in the UK. The project, located in the Irish Sea and connecting onshore at Barrow-in-Furness, aims to enhance UK energy security and flexibility. Jacobs will manage planning and DCO strategy, oversee environmental planning, and lead stakeholder engagement. EnergyPathways targets operational status by 2031, pending consents and financing. The MESH project, expected to be one of the UK's largest integrated energy storage schemes, will have a capacity of 300MW/55GW-hours, combining compressed air energy storage with natural gas and hydrogen storage for ultra-long-duration storage exceeding 190 hours. Jacobs will also advise on EnergyPathways' submission to Ofgem's Long Duration Electricity Storage Cap & Floor scheme and support grid connection applications.
PRM expects continued growth in H2 2026, supported by PCT-OSV, with FSU vessel utilization at 100%
Prima Marine Public Company Limited (PRM) expects continued growth in the second half of 2026, with its refined oil and chemical tanker business (PCT) supported by economic and tourism activities, while its floating storage and blending unit (FSU) maintains 100% vessel utilization, and its offshore support vessel business (OSV) benefits from activities in the Gulf of Thailand. The company plans to build six new CPP tankers, with the first delivery scheduled between October 2026 and April 2027. In the second quarter of 2026, total revenue was 2,317.1 million baht, up 4.5%, and net profit was 580.5 million baht, up 20.3%. For the first six months, total revenue was 4,428.6 million baht, up 3.3%, and net profit was 1,209.4 million baht, slightly down from the previous year's base which included special items, but operating profit grew 28.9%.
Enbridge Names Michele Harradence as CEO as Greg Ebel Retires
Canadian pipeline and energy infrastructure giant Enbridge has named Michele Harradence as its next president and chief executive, effective January 1, 2027, succeeding Greg Ebel, who retires on December 31, 2026. Harradence, currently executive vice president and president of Gas Distribution and Storage, has led Enbridge's gas utilities business since 2022 and will join the board. Ebel will remain an adviser from January through May 2027. The appointment follows a multi-year succession planning process and comes after Enbridge's acquisition of three U.S. gas utilities from Dominion Energy, which expanded its regulated utility footprint to serve about 7.2 million customers across Canada and the United States. Harradence, who joined Enbridge in 2014 after senior roles at Shell Canada, also oversaw the integration of those utilities, contributing to one of North America's largest integrated natural gas utility platforms. Under Ebel, Enbridge built a $41 billion growth project backlog, and Harradence will inherit that program as the company positions for rising natural gas demand from LNG exports, power generation, and industrial customers.
PRM Expands Chemical Tanker Investment to Diversify Portfolio and Reduce Risk
Prima Marine or PRM has revealed its outlook for the second half of 2026, stating that the PCT business group will be supported by domestic economic and transportation activities, accelerated government budget disbursement, and high-season tourism. Meanwhile, the company is expanding its investment in chemical transport vessels to diversify its portfolio and reduce long-term risks from changes in the gasoline market due to the growth of electric vehicles. It plans to strengthen the PCT fleet through a new CPP Tanker construction project of six vessels, with the first delivery scheduled between October 2026 and April 2027. As for the FSU business, it maintains high vessel utilization rates, while OSV is supported by petroleum exploration activities in the Gulf of Thailand. In the second quarter of 2026, total revenue was 2,317.1 million baht, up 4.5%, and net profit was 580.5 million baht, up 20.3%. In the first half of the year, revenue was 4,428.6 million baht, up 3.3%, and net profit was 1,209.4 million baht, slightly down due to special items in the previous year, but operating profit grew 28.9%.
PRM posts 1,209.4 million baht profit in first half, showcased at OPPDAY
Prima Marine Public Company Limited (PRM) disclosed its operating results for the first six months of fiscal year 2026 at the analyst meeting and earnings call (OPPDAY), reporting a net profit of 1,209.4 million baht, a slight decrease from the previous year due to special items in the base year 2025. However, operating profit grew 28.9%, with total revenue of 4,428.6 million baht, up 3.3%. In the second quarter of 2026, net profit was 580.5 million baht, up 20.3% from the same period last year, with revenue of 2,317.1 million baht, up 4.5%, supported by fleet expansion in the PCT and OSV segments, as well as improved FSU business. All five FSU vessels achieved 100% utilization, while all three VLCC vessels operated at full capacity. The company plans to expand its PCT fleet with six new vessels, with the first delivered in October 2026 and the rest gradually arriving by April 2027, to meet increasing demand for energy transportation and storage.
Guoxin Energy Plans to Issue Perpetual and Renewable Bonds Totaling No More Than 4 Billion Yuan
Shanxi Guoxin Energy Corporation announced plans to register and issue perpetual medium-term notes of no more than 2 billion yuan, and to privately issue renewable corporate bonds of no more than 2 billion yuan, with the two financings totaling no more than 4 billion yuan. Both proposals have been reviewed and approved at the thirteenth meeting of the company's eleventh board of directors, and still need to be submitted to the shareholders' meeting for deliberation. The perpetual medium-term notes will be publicly issued to institutional investors in the national interbank bond market, with a maturity of no more than 5+N years. The renewable corporate bonds will be privately issued to professional investors, with a base maturity of no more than 5 years, and the company has the right to extend. Neither bond has credit enhancement measures, and the resolution is valid for 24 months from the date of approval by the shareholders' meeting.
Hafnia Limited reported second-quarter net profit of $277.8 million, its strongest quarterly result since the third quarter of 2022, driven by elevated freight rates amid Persian Gulf conflict and Red Sea disruption. The company declared a dividend of $250 million, or $0.5003 per share, at the maximum 90% payout ratio, bringing first-half dividends to $0.788 per share, an annualized yield of roughly 21%. Net asset value rose to $4.4 billion, or $8.89 per share, while net loan-to-value fell to 13% from 20.2%. However, management cautioned that forward bookings indicate softening: Q3 revenue coverage is 80% at $30,716 per day, and second-half coverage is 53% at $28,917 per day, well below the $50,000 spot rates seen in Q2. The company also confirmed a leadership change effective shortly after the earnings call.
BW LPG Posts Strong Q2 as Hormuz Closure Boosts Rates
BW LPG reported second-quarter profit of $120 million, or $0.79 per share, as the closure of the Strait of Hormuz reshaped global LPG trade. The company guided to its best quarter yet, locking in $88,000 per available day for 92% of third-quarter fleet days, over three times its $24,900 daily breakeven. Middle East LPG exports fell 46% in the first half of 2026, while US exports rose 16%, with shipments to India jumping 212%. Shipping income missed its $81,000 target, coming in at $74,000 per day, due to $16.4 million in IFRS 15 adjustments and $12 million in Forward Freight Agreement losses. The trading arm posted a $31 million net loss after a $145 million swing in unrealized position values. Net leverage fell to 23.5%, liquidity stood at $773 million, and the board declared a $0.95 per share dividend. CEO Kristian Sorensen warned that a reopened Strait could pressure spot rates, with any recovery in Middle East exports taking 12 to 36 months. The global VLGC orderbook has grown to 155 vessels, about 35% of the current fleet.