Four midstream names have recently offered financial guidance for 2025, with a few providing further guidance into 2026.
Targa Resources (TRGP), DT Midstream (DTM), Cheniere (LNG), and ONEOK (OKE) have each provided guidance for EBITDA growth this year. These four midstream companies are holdings in the Alerian Energy Infrastructure ETF (ENFR ) and the Alerian Midstream Energy Dividend UCITS ETF (MMLP LN)
ENFR and the UCITS ETF provide exposure to energy infrastructure companies involved in the processing, transportation, and storage of oil, natural gas, and natural gas liquids (NGLs).
Positive updates to 2025 and 2026 financial guidance build on a strong past year for midstream, as midstream outperformed other energy subsectors in 2024. Midstream is less sensitive to moves in commodity prices compared to other sectors of energy, given midstream companies’ fee-based business models, which support stable cash flows.
Additionally, midstream can offer generous income regardless of the interest rate environment, making the segment a compelling investment opportunity during the Fed’s rate-cutting cycle.
Midstream Companies Providing Financial Guidance
Targa has announced its 2025 financial guidance, expecting adjusted EBITDA of $4.75 billion for the year at the midpoint. This represents a 15% increase from 2024.
DT Midstream has also provided its 2025 outlook as well as an early outlook for 2026 adjusted EBITDA. The company expects 2025 adjusted EBITDA of $1.125 billion at the midpoint, which represents a 16% increase from 2024. DTM expects 6% adjusted EBITDA growth for 2026 relative to 2025.
Cheniere has said it expects adjusted EBITDA of $6.75 billion for 2025 at the midpoint, after reporting $6.16 billion for 2024.
Finally, ONEOK has announced 2025 guidance as well as a growth outlook for 2026. The company expects adjusted EBITDA of $8.225 billion for 2025 at the midpoint, a 21% increase compared to 2024.
ONEOK has said it expects up to 10% adjusted EBITDA growth in 2026 due to contributions from expansion projects.
For more news, information, and analysis, visit the Energy Infrastructure Channel.
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