Midstream Hydrocarbon Express: Earnings Previews Underway

Research evidence excerpt

Midstream Hydrocarbon Express: Earnings Previews Underway

Global Research

2 July 2026ab

Midstream Hydrocarbon Express Equities

AmericasEarnings Previews Underway

Energy

Manav Gupta

WMB 2Q26 Preview Analyst

We model 2Q26E EBITDA of $1,890MM vs. 1Q EBITDA of $2,254MM. The QoQ decline manav.gupta@ubs.com

is primarily driven by the absence of a tailwind from Winter Storm Fern in Gas & NGL +1-212-713 4399

Marketing Services present in 1Q, as well as seasonally weaker contributions from the Sumantra Banerjee

TGP and West segments (in-line with expectations). On power opportunities, we expect Associate Analyst

WMB's most recently announced project, Neo, to start up in 2H28 (in two phases). We sumantra.banerjee@ubs.com

estimate the project will add incremental annual EBITDA of ~$460MM. We see WMB's +1-212-713 5104

Power business adding EBITDA upside potential of $1.93Bn by 2029 (click here). Saumya Jain

Associate Analyst

ENB 2Q26 Preview saumya.jain@ubs.com

+1-212-882 0089

We model 2Q26 adjusted EBITDA of C$4,618MM vs C$5,810MM in 1Q, below Street

expectations of C$4,767MM. The QoQ decrease is primarily driven by seasonally lower Richard DeDios

performance in Gas Distribution. We estimate FY26 EBITDA of C$20,521MM. We Associate Analyst

recently met with management in NYC, who noted construction on MLO1 is continuing richard.dedios@ubs.com

+1-212-713 8018

full steam ahead, and to expect an FID on MLO2 post summer. As we are seeing a

decline in Mexican barrels coming to the US (offsetting the growth in volumes we are Ivan Scotto

seeing in Venezuelan crude), management sees the need for more Canadian crude for Associate Analyst

Mid-Con/Midwest and GC refining system (click here). ivan.scotto@ubs.com

+1-212-713 3137

MPLX 2Q26 Preview