← Enterprise Products Partners LP overview

Enterprise Products Partners LP vs ONEOK: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Enterprise Products Partners LP (EPD)

Q3 2026
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Record Q2 Results, Higher Distribution, and $6.5B Backlog Drive EPD

  • Record Q2 2026 earnings EPD reported record second-quarter results: net income rose 28% to $1.8 billion, adjusted EBITDA climbed 17% to $2.8 billion, and distributable cash flow increased 21% to $2.3 billion, with pipeline volumes up 8% and marine terminal volumes up 33%.

    These record financial and operational results are the main positive force behind EPD's performance this period.

  • Distribution increase and buybacks The quarterly distribution rose 2.8% to $0.56 per unit, extending the streak to 28 consecutive years of increases, and was covered 1.9 times. EPD also repurchased $159 million of units, returning cash to shareholders.

    The distribution hike and buybacks directly reward income-focused investors and support unit price.

  • $6.5 billion project backlog A $6.5 billion backlog of growth projects—including Permian gas plants, Fractionator 15, the Bahia pipeline expansion, and LPG export capacity—plus rising LNG exports and AI data center demand provide durable long-term tailwinds.

    This large backlog and emerging demand sources underpin future growth prospects.

  • Modest distribution growth Despite the increase, distribution growth remains modest, with the latest quarterly declaration unchanged from the prior quarter. This offers income investors reliability rather than rapid payout growth, a potential counterweight for those seeking higher yield growth.

    This is the main counterweight to the positive drivers, highlighting a limitation for income investors.

August 2026
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EPD's record cash flow and $6.5B growth backlog keep the payout rising

  • Record Q2 cash flow and volumes EPD reported record second-quarter adjusted EBITDA of $2.8 billion (up 17%) and record distributable cash flow of $2.3 billion (up 21%), with pipeline volumes up 8% and marine-terminal volumes up 33%. More cash flowing in comfortably covers the payout and funds growth, supporting the unit price.

    This is the core new financial result showing the business is generating more cash than ever.

  • $6.5 billion project backlog drives future growth EPD is building $6.5 billion of major projects — Permian gas plants, the Bahia pipeline expansion, Fractionator 15 and an LPG export expansion — mostly starting up between 2026 and 2028. These add fee-based revenue and support future earnings and distribution growth, a positive for the units.

    It explains the concrete growth pipeline that underpins future cash flow and investor confidence.

  • Data centers and LNG exports lift demand New gas-fired data centers, like Chevron and Microsoft's 20-year Permian power deal, plus growing LNG exports are pulling more natural gas and NGLs through EPD's pipelines and terminals. EPD is expanding its Bahia NGL pipeline with ExxonMobil taking a 40% stake, adding long-term volume growth.

    It shows a major new source of demand that directly benefits EPD's infrastructure.

  • Dividend streak continues but growth is modest EPD raised its quarterly distribution 2.8% to $0.56, marking 28 straight years of increases, with strong 1.9x coverage. But the latest declaration was unchanged from the prior quarter, and the increase is small, so income investors get reliability rather than fast payout growth.

    It captures both the positive dividend reliability and the reality that distribution growth has slowed.

Latest
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EPD's record cash flow and $6.5B growth backlog keep the payout rising

  • Record Q2 cash flow and volumes EPD reported record second-quarter adjusted EBITDA of $2.8 billion (up 17%) and record distributable cash flow of $2.3 billion (up 21%), with pipeline volumes up 8% and marine-terminal volumes up 33%. More cash flowing in comfortably covers the payout and funds growth, supporting the unit price.

    This is the core new financial result showing the business is generating more cash than ever.

  • $6.5 billion project backlog drives future growth EPD is building $6.5 billion of major projects — Permian gas plants, the Bahia pipeline expansion, Fractionator 15 and an LPG export expansion — mostly starting up between 2026 and 2028. These add fee-based revenue and support future earnings and distribution growth, a positive for the units.

    It explains the concrete growth pipeline that underpins future cash flow and investor confidence.

  • Data centers and LNG exports lift demand New gas-fired data centers, like Chevron and Microsoft's 20-year Permian power deal, plus growing LNG exports are pulling more natural gas and NGLs through EPD's pipelines and terminals. EPD is expanding its Bahia NGL pipeline with ExxonMobil taking a 40% stake, adding long-term volume growth.

    It shows a major new source of demand that directly benefits EPD's infrastructure.

  • Dividend streak continues but growth is modest EPD raised its quarterly distribution 2.8% to $0.56, marking 28 straight years of increases, with strong 1.9x coverage. But the latest declaration was unchanged from the prior quarter, and the increase is small, so income investors get reliability rather than fast payout growth.

    It captures both the positive dividend reliability and the reality that distribution growth has slowed.

July 2026
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Record Q2 earnings and new growth projects drive EPD higher

  • Record Q2 earnings and distribution increase EPD reported record Q2 net income of $1.8 billion, up 28%, with adjusted EBITDA up 17% to $2.8 billion. Cash flow covered the distribution 1.9 times, and the payout rose to $0.56 per unit. This shows the business is growing and returning more cash to investors.

    This is the period's biggest new event and directly boosts investor confidence in EPD's earnings and payout.

  • $6.5 billion in new growth projects EPD announced a new NGL fractionator and two Permian gas processing plants, bringing total projects under construction to $6.5 billion. These fee-based assets should generate steady cash flow for years, supporting future distribution increases and unit buybacks.

    New capital projects signal future growth and are a key reason investors are positive on EPD.

  • Strong long-term demand from LNG and AI power U.S. LNG export capacity is projected to nearly double by 2030, and AI data centers are driving a 60% rise in electricity demand by 2045. EPD's pipelines and terminals earn fees on these growing volumes, giving it durable tailwinds.

    This explains the multi-year demand backdrop that supports EPD's volumes and earnings.

  • Buyback and 27-year distribution streak EPD repurchased $159 million of units in Q2 under its $5.0 billion buyback program and has raised its distribution for 27 straight years. This steady return of cash and consistent payout growth attracts income-focused investors.

    Buybacks and a long distribution growth streak are key supports for EPD's unit price.

▲4

Record Q2 earnings and new growth projects drive EPD higher

  • Record Q2 earnings and distribution increase EPD reported record Q2 net income of $1.8 billion, up 28%, with adjusted EBITDA up 17% to $2.8 billion. Cash flow covered the distribution 1.9 times, and the payout rose to $0.56 per unit. This shows the business is growing and returning more cash to investors.

    This is the period's biggest new event and directly boosts investor confidence in EPD's earnings and payout.

  • $6.5 billion in new growth projects EPD announced a new NGL fractionator and two Permian gas processing plants, bringing total projects under construction to $6.5 billion. These fee-based assets should generate steady cash flow for years, supporting future distribution increases and unit buybacks.

    New capital projects signal future growth and are a key reason investors are positive on EPD.

  • Strong long-term demand from LNG and AI power U.S. LNG export capacity is projected to nearly double by 2030, and AI data centers are driving a 60% rise in electricity demand by 2045. EPD's pipelines and terminals earn fees on these growing volumes, giving it durable tailwinds.

    This explains the multi-year demand backdrop that supports EPD's volumes and earnings.

  • Buyback and 27-year distribution streak EPD repurchased $159 million of units in Q2 under its $5.0 billion buyback program and has raised its distribution for 27 straight years. This steady return of cash and consistent payout growth attracts income-focused investors.

    Buybacks and a long distribution growth streak are key supports for EPD's unit price.

ONEOK Inc (OKE)

Q3 2026
▲4

ONEOK's AI Gas Deal and $4.4B Permian Buy Reshape Growth

  • AI data-center gas supply deal ONEOK signed its first deal to supply natural gas to an AI data center, opening a new demand source as tech companies race to power energy-hungry computing.

    This is a new growth avenue that could boost future volumes and investor confidence.

  • $4.425B Permian acquisition ONEOK agreed to buy Brazos Midstream's Permian assets for $4.425 billion, more than doubling its Midland Basin processing capacity and expanding its footprint in a key oil region.

    This major acquisition is a core strategic move that increases scale and future earnings potential.

  • Apollo's $9B investment funds deal Apollo made a $9 billion minority equity investment to fund the Permian purchase, reducing debt without issuing common stock or hurting credit ratings.

    This financing structure supports the acquisition while preserving financial health, a key investor concern.

  • Record results, raised guidance, dividend hike ONEOK posted record Q2 results, raised 2026 guidance, and lifted its dividend 4% to $1.07 per share, signaling confidence in cash flow.

    Strong operational performance and shareholder returns directly support the stock price.

August 2026
▲4

ONEOK's AI Gas Deal and $4.4B Permian Buy Reshape Growth

  • AI data-center gas supply deal ONEOK signed its first deal to supply natural gas to an AI data center, opening a new demand source as tech companies race to power energy-hungry computing.

    This is a new growth avenue that could boost future volumes and investor confidence.

  • $4.425B Permian acquisition ONEOK agreed to buy Brazos Midstream's Permian assets for $4.425 billion, more than doubling its Midland Basin processing capacity and expanding its footprint in a key oil region.

    This major acquisition is a core strategic move that increases scale and future earnings potential.

  • Apollo's $9B investment funds deal Apollo made a $9 billion minority equity investment to fund the Permian purchase, reducing debt without issuing common stock or hurting credit ratings.

    This financing structure supports the acquisition while preserving financial health, a key investor concern.

  • Record results, raised guidance, dividend hike ONEOK posted record Q2 results, raised 2026 guidance, and lifted its dividend 4% to $1.07 per share, signaling confidence in cash flow.

    Strong operational performance and shareholder returns directly support the stock price.

Latest
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ONEOK funds Brazos buy with $9B Apollo equity, keeps dividend growing

  • Apollo's $9B equity funds Brazos purchase without new debt Apollo closed a $9 billion minority investment in ONEOK Holdings, structured below ONEOK's debt and treated by rating agencies as credit-enhancing. That gives ONEOK money to buy Brazos Midstream's West Texas gas operations and pay down debt without borrowing more or risking its credit rating.

    This is the period's biggest new event and directly explains how ONEOK is paying for growth while protecting its balance sheet.

  • Dividend raised 4% to $1.07 as cash flows and guidance grow ONEOK lifted its quarterly dividend 4% to $1.07 per share and guides 2026 adjusted EBITDA to $7.9-$8.3 billion, with $475 million of acquisition synergies booked. A rising payout backed by fee-based pipeline volumes signals steady cash and supports the stock's value case.

    Rising dividends and EBITDA guidance are the core fundamental drivers behind the stock's appeal to income investors.

  • Raised 2026 guidance leaves shares looking cheap on earnings After management raised 2026 earnings guidance, ONEOK trades near 16 times earnings versus a fair estimate of about 21 and peers averaging 19.5. If expansion projects and Permian volume growth deliver, the discount can close; bears warn returns could slip and debt from deals limits flexibility.

    Valuation versus peers is the main reason analysts see upside, and it frames the bull-bear debate for readers.

  • Earnings report due with $1.39 per share expected ONEOK was scheduled to report quarterly results on August 3, with analysts expecting $1.39 per share. The report is the next hard check on whether fee-based volumes and acquisition savings are flowing through as promised.

    The upcoming earnings print is the near-term catalyst that will confirm or challenge the growth story.

▲4

ONEOK's AI Gas Deal and $4.4B Permian Buy Reshape Growth

  • First AI data-center gas supply deal ONEOK signed its first deal to supply natural gas to a 1-gigawatt power plant for AI data centers, a $100 million project with strong returns. It is in late talks on more such deals, opening a new demand source for its pipelines.

    New demand channel that can lift long-term volumes and earnings.

  • $4.425B Brazos Permian acquisition ONEOK agreed to buy Brazos Midstream's Permian assets for $4.425 billion, more than doubling its Midland Basin processing capacity to about 2.3 Bcf/d. The deal is immediately accretive and speeds deleveraging without issuing common stock.

    Major growth deal that expands core Permian footprint and earnings.

  • Apollo-backed $5B debt overhaul Apollo is investing $9 billion in minority equity, with $5 billion used to cut debt. ONEOK launched a $5 billion debt repayment plan and tender offer, aiming to lower leverage to 3.25x and improve free cash flow without diluting common shareholders.

    Strengthens balance sheet and funds acquisition, reducing financial risk.

  • Record Q2 results and raised guidance ONEOK beat Q2 estimates with $1.53 EPS on record NGL volumes and $12.05 billion revenue, then raised 2026 net income guidance to $3.41–$3.79 billion. Shares have gained 9.2% since the report, reflecting stronger cash flow and confidence.

    Confirms operational strength and upward earnings trajectory.