Midstream MLPs Print Cash as Crude Faces a Supply Overhang
Midstream pipeline operators are having one of their best years on record. Energy Transfer (ET) reported Q2 2026 adjusted EBITDA of $5.07 billion, up 31% from $3.87 billion in Q2 2025, and raised its full-year guidance to $18.8-$19.1 billion. Delek Logistics Partners (DKL) raised its quarterly distribution for the 54th consecutive quarter, setting a yield of 7.7% at the current stock price of roughly $52.30. WTI crude, by contrast, is stuck: at $82.46 per barrel on Monday, the spot market is being held back by a 17.42-million-barrel inventory build in the week ending August 7 that traders are still digesting.
Key Takeaways Energy Transfer Q2 2026 EBITDA rose 31% year over year to $5.07 billio…
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