Loading
Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“you've seen enterprise and now MPLX come in and buy treating companies to address the sour gas situation in the Delaware Basin.”
Enterprise Products has entered Delaware Basin sour-gas treating by buying treating companies, intensifying competition with Targa's leading AGI/gas-treating franchise.
“Now we are selling that that product into the open market today, whether it be an enterprise, whether it be a target, whether be it in energy transfer. And we know just by supply and demand balances that some of that product has to be going across their dock, but we are not selling into crops or dock, but when our dock comes up, we will take that product that we were selling into the open market that [indiscernible] was making it across somebody else's dock.”
ONEOK currently sells propane into the open market that ends up crossing competitor docks including Enterprise Products; once ONEOK's own LPG export dock opens in 2028, that volume will shift away from Enterprise's terminal to ONEOK's.
“the midstream asset acquisition from Occidental where the debt is on the balance sheet”
Enterprise references its midstream asset acquisition from Occidental, whose EBITDA has yet to fully flow into trailing results; OxyRock volumes expected to ramp into 2027.
“We touch Exxon. In so many places. I can't count it. And we will continue to try to do more deals with Exxon.”
Enterprise's co-CEO emphasizes the breadth and continuation of its commercial partnership with ExxonMobil across many touchpoints.
“we announced ExxonMobil's acquisition of an undivided joint interest in Bahia natural gas liquid pipeline and the related expansion of Bahia to 1 million barrels a day and a 92-mile extension to connect Exxon's Cowboy Processing Complex”
Enterprise partners with ExxonMobil via an undivided joint interest in the Bahia NGL pipeline plus an expansion and extension to Exxon's Cowboy Processing Complex, a read-through on Exxon's Permian NGL infrastructure buildout.
“with DINO's announced plans yesterday to potentially move up to 150,000 barrels per day of refined products, primarily from its own refineries from PADD 4 to PADD 5, could this lead to better utilization and/or marketing opportunities on your Texas Western product system that recently went into service and ramped?”
HF Sinclair (DINO) plans to move up to 150,000 bpd of refined products from PADD 4 to PADD 5, a shift that could drive incremental utilization on Enterprise's Texas Western product pipeline system.
“We still think Pinon is the most attractive position out there.”
Enterprise views its acquired Pinon Permian sour-gas treating position as the most attractive in the basin, with additional treating trains ramping.
“$583 million for the acquisition of natural gas gathering systems from Occidental in the Midland Basin”
Enterprise acquired natural gas gathering systems from Occidental in the Midland Basin for $583 million, a strategic bolt-on that extends its Permian footprint.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jean Salisbury | Bank of America | 11 (18%) |
| Manav Gupta | UBS | 11 (0%) |
| John Mackay | Goldman Sachs | 11 (9%) |
| Mike Blum | Wells Fargo | 10 (0%) |
| Theresa Chen | Barclays | 10 (10%) |
| Keith Stanley | Wolfe Research | 9 (0%) |
| Spiro Dounis | Citigroup | 9 (0%) |
| Brandon Bingham | Scotiabank | 9 (0%) |
| Jeremy Tonet | JPMorgan | 8 (0%) |
| AJ O'Donnell | Tudor, Pickering, Holt | 8 (13%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 11 (9%) |
| UBS | 1 | 11 (0%) |
| Bank of America | 1 | 11 (18%) |
| Barclays | 1 |
| 10 (10%) |
| Wells Fargo | 1 | 10 (0%) |
| Wolfe Research | 1 | 9 (0%) |
| Citigroup | 1 | 9 (0%) |
| JPMorgan | 2 | 9 (0%) |
Enterprise posted a record quarterly EBITDA of $2.7B in Q4 with full-year EPS of $0.75, up 3% year-over-year, though commodity-sensitive revenue headwinds offset growth in volumes and rates. The Exxon UJI partnership expanded the Bahia pipeline, and the NGL export franchise continued scaling toward $1.5M bbl/day. Management shared qualitative EBITDA expectations of modest growth in 2026 followed by double-digit growth in 2027, with 2026 CAPEX raised to $2.5-$2.9B.
Demand | Revenue Growth | Capex Investment | Margin | Competitive Dynamics | Macroeconomic | Pricing | Capital Allocation | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 4 | 2 | 6 | 3 | 1 | 4 | 2 |
| 2025Q1 | 2 | 2 | 6 | 1 | 2 | 2 | 1 | 2 |
| 2025Q2 | 4 | 2 | 3 | 4 | 3 | 1 | 3 | 3 |
| 2025Q3 | 7 | 4 | 2 | 2 | 2 | 2 | 1 | 3 |
| 2025Q4 | 3 | 7 | 4 | 5 | 3 | 1 | 5 | 2 |
| 2026Q1 | 12 | 6 | 7 | 3 | 6 | 8 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 2 | 4 | 7 | 3 | 12 |
| Revenue Growth | 4 | 2 | 2 | 4 | 7 | 6 |
| Capex Investment | 2 | 6 | 3 | 2 | 4 | 7 |
| Margin | 6 | 1 | 4 | 2 | 5 | 3 |
| Competitive Dynamics | 3 | 2 | 3 | 2 | 3 | 6 |
| Macroeconomic | 1 | 2 | 1 | 2 | 1 | 8 |
| Pricing | 4 | 1 | 3 | 1 | 5 | |
| Capital Allocation | 2 | 2 | 3 | 3 | 2 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
EPD Enterprise Products Partners L.P. | 5 | -6.7% | |
| KMI Kinder Morgan | 9 | +13.5% | |
| OKE ONEOK | 9 | +19.6% | |
| TRGP Targa Resources | 5 | -15.6% | |
| WMB Williams Companies | 6 | -0.6% |