Pipeline Operators Buck Oil Price Worries with Record Q2 Results
The traditional oil price worries of energy investors have been turned on their head by a handful of pipeline operators who collect fees regardless of crude prices. Enterprise Products Partners posted a record $2.83B in Q2 2026 adjusted EBITDA, driven by 14.7 MMBPD equivalent pipeline volumes under long-term contracts.
The five midstream names mentioned have that toll-road model and each raised their distribution in 2026. They include Enterprise Products Partners (NYSE:EPD), Kinder Morgan (NYSE:KMI), Williams Companies (NYSE:WMB), ONEOK (NYSE:OKE), and Energy Transfer (NYSE:ET).
Kinder Morgan, for example, declared a Q2 2026 dividend of $0.2975 per share, or $1.19 annualized, with Q2 free cash flow after capex at $978M and operating cash flow at $1.96B.