# Oil & Gas Midstream — company-by-company sector analysis > Oil & Gas Midstream: Energy Transfer LP owns the largest revenue base; Cmb.Tech NV has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Oil & Gas Midstream has outperformed S&P 500 by 13.6% over 52 weeks and 0.3% over 13 weeks. 26 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 29 beat the sector itself. Energy Transfer LP leads with revenue of $92,287 million, based on 28 of 30 comparable companies through Mar 2026. ### Is the Oil & Gas Midstream sector outperforming S&P 500? Oil & Gas Midstream has outperformed S&P 500 by 13.6% over 52 weeks and 0.3% over 13 weeks. 26 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 29 beat the sector itself. ### Which Oil & Gas Midstream company is largest by revenue? Energy Transfer LP leads with revenue of $92,287 million, based on 28 of 30 comparable companies through Mar 2026. ### Which Oil & Gas Midstream company is growing fastest? Cmb.Tech NV has the fastest current revenue growth at 100%, across 28 of 30 comparable companies. ### Which Oil & Gas Midstream company has the strongest 4-Factor Sector Score? International Seaways, Inc. ranks first at 76.4/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Oil & Gas Midstream company reports the most CAPEX? Venture Global, Inc. reports the largest latest CAPEX at $3,181 million, with 30 of 30 companies comparable. ### Which Oil & Gas Midstream company has the least gross debt? Scorpio Tankers Inc. has the lowest comparable gross debt at $581 million. Enbridge Inc. has the highest at $109,525 million. ### Which Oil & Gas Midstream company has the lowest comparable PEG? International Seaways, Inc. has the lowest comparable Guarded PEG at 0.09, among 25 of 30 companies that pass the metric’s comparability rules. ### How much history does this Oil & Gas Midstream comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength Oil & Gas Midstream has outperformed S&P 500 by 13.6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 0.3%. 26 of 29 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. International Seaways, Inc. is the strongest against the sector itself at +25.9%. 13-week sector return versus NIFTY 500: -0.3% 52-week sector return versus NIFTY 500: 14% Stocks leading NIFTY: 26/29 Stocks leading sector: 9/29 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 30 Combined market value: ₹9.6 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. International Seaways, Inc. (INSW): 76/100 — Favorable setup; evidence 82% - Growth & earnings 27.3/35 | Capital efficiency 17.8/25 | Valuation 16.5/20 | Relative strength 14.8/20 - Exact sum: 27.3 + 17.8 + 16.5 + 14.8 = 76.4 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. 2. Frontline plc (FRO): 75/100 — Favorable setup; evidence 82% - Growth & earnings 29.3/35 | Capital efficiency 16.4/25 | Valuation 15.4/20 | Relative strength 14.1/20 - Exact sum: 29.3 + 16.4 + 15.4 + 14.1 = 75.2 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. 3. BW LPG Limited (BWLP): 73/100 — Favorable setup; evidence 82% - Growth & earnings 25.0/35 | Capital efficiency 16.7/25 | Valuation 15.4/20 | Relative strength 16.1/20 - Exact sum: 25 + 16.7 + 15.4 + 16.1 = 73.2 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. 4. Cmb.Tech NV (CMBT): 66/100 — Favorable setup; evidence 72% - Growth & earnings 25.1/35 | Capital efficiency 12.3/25 | Valuation 11.2/20 | Relative strength 17.8/20 - Exact sum: 25.1 + 12.3 + 11.2 + 17.8 = 66.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 5. Scorpio Tankers Inc. (STNG): 61/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 18.3/35 | Capital efficiency 15.9/25 | Valuation 16.1/20 | Relative strength 10.8/20 - Exact sum: 18.3 + 15.9 + 16.1 + 10.8 = 61.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 6. Targa Resources Corp. (TRGP): 59/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 21.9/35 | Capital efficiency 10.4/25 | Valuation 12.8/20 | Relative strength 13.8/20 - Exact sum: 21.9 + 10.4 + 12.8 + 13.8 = 58.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 7. Plains All American Pipeline, L.P. (PAA): 57/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 17.6/35 | Capital efficiency 9.1/25 | Valuation 13.1/20 | Relative strength 17.5/20 - Exact sum: 17.6 + 9.1 + 13.1 + 17.5 = 57.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 8. Western Midstream Partners, LP (WES): 55/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 14.7/35 | Capital efficiency 11.8/25 | Valuation 15.3/20 | Relative strength 13.3/20 - Exact sum: 14.7 + 11.8 + 15.3 + 13.3 = 55.1 - Decision use: Price leads the evidence: RS versus the benchmark is 6.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 9. Pembina Pipeline Corporation (PBA): 53/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 13.2/35 | Capital efficiency 12.7/25 | Valuation 13.4/20 | Relative strength 14.1/20 - Exact sum: 13.2 + 12.7 + 13.4 + 14.1 = 53.4 - Decision use: Price leads the evidence: RS versus the benchmark is 9.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 10. South Bow Corporation (SOBO): 51/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 13.8/35 | Capital efficiency 8.8/25 | Valuation 13.8/20 | Relative strength 14.6/20 - Exact sum: 13.8 + 8.8 + 13.8 + 14.6 = 51 - Decision use: Price leads the evidence: RS versus the benchmark is 12%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 11. Kinetik Holdings Inc. (KNTK): 49/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 16.4/35 | Capital efficiency 7.0/25 | Valuation 14.0/20 | Relative strength 12.0/20 - Exact sum: 16.4 + 7 + 14 + 12 = 49.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 12. Venture Global, Inc. (VG): 49/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 17.3/35 | Capital efficiency 7.8/25 | Valuation 14.7/20 | Relative strength 9.3/20 - Exact sum: 17.3 + 7.8 + 14.7 + 9.3 = 49.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 13. DT Midstream, Inc. (DTM): 49/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 22.3/35 | Capital efficiency 12.6/25 | Valuation 9.4/20 | Relative strength 4.6/20 - Exact sum: 22.3 + 12.6 + 9.4 + 4.6 = 48.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 14. Golar LNG Limited (GLNG): 48/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 28.2/35 | Capital efficiency 11.8/25 | Valuation 4.4/20 | Relative strength 3.8/20 - Exact sum: 28.2 + 11.8 + 4.4 + 3.8 = 48.2 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -8% and the one-year return is 20.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 15. Kinder Morgan, Inc. (KMI): 48/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 21.4/35 | Capital efficiency 13.4/25 | Valuation 9.7/20 | Relative strength 3.6/20 - Exact sum: 21.4 + 13.4 + 9.7 + 3.6 = 48.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 16. Plains GP Holdings, L.P. (PAGP): 48/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 13.4/35 | Capital efficiency 7.1/25 | Valuation 9.5/20 | Relative strength 18.0/20 - Exact sum: 13.4 + 7.1 + 9.5 + 18 = 48 - Decision use: Price leads the evidence: RS versus the benchmark is 15.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 17. ONEOK, Inc. (OKE): 48/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 19.2/35 | Capital efficiency 10.7/25 | Valuation 9.1/20 | Relative strength 8.7/20 - Exact sum: 19.2 + 10.7 + 9.1 + 8.7 = 47.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 18. Enterprise Products Partners L.P. (EPD): 46/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 14.3/35 | Capital efficiency 12.7/25 | Valuation 9.2/20 | Relative strength 9.7/20 - Exact sum: 14.3 + 12.7 + 9.2 + 9.7 = 45.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 19. Energy Transfer LP (ET): 46/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 15.2/35 | Capital efficiency 11.0/25 | Valuation 9.4/20 | Relative strength 10.2/20 - Exact sum: 15.2 + 11 + 9.4 + 10.2 = 45.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 20. Excelerate Energy, Inc. (EE): 46/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 14.4/35 | Capital efficiency 12.5/25 | Valuation 4.0/20 | Relative strength 14.9/20 - Exact sum: 14.4 + 12.5 + 4 + 14.9 = 45.8 - Decision use: Price leads the evidence: RS versus the benchmark is 10%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 21. Hess Midstream LP (HESM): 46/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 13.4/35 | Capital efficiency 12.3/25 | Valuation 12.4/20 | Relative strength 7.7/20 - Exact sum: 13.4 + 12.3 + 12.4 + 7.7 = 45.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 22. TC Energy Corporation (TRP): 46/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 15.8/35 | Capital efficiency 9.1/25 | Valuation 11.9/20 | Relative strength 8.9/20 - Exact sum: 15.8 + 9.1 + 11.9 + 8.9 = 45.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 23. Antero Midstream Corporation (AM): 44/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 14.5/35 | Capital efficiency 12.4/25 | Valuation 11.1/20 | Relative strength 6.2/20 - Exact sum: 14.5 + 12.4 + 11.1 + 6.2 = 44.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 24. The Williams Companies, Inc. (WMB): 43/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 22.1/35 | Capital efficiency 10.8/25 | Valuation 8.6/20 | Relative strength 1.5/20 - Exact sum: 22.1 + 10.8 + 8.6 + 1.5 = 43 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 25. MPLX LP (MPLX): 41/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 11.5/35 | Capital efficiency 11.8/25 | Valuation 9.0/20 | Relative strength 8.2/20 - Exact sum: 11.5 + 11.8 + 9 + 8.2 = 40.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 26. Cheniere Energy Partners, L.P. (CQP): 40/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 11.7/35 | Capital efficiency 7.0/25 | Valuation 13.9/20 | Relative strength 7.0/20 - Exact sum: 11.7 + 7 + 13.9 + 7 = 39.6 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 27. Viper Energy, Inc. (VNOM): 38/100 — Mixed-negative evidence; evidence 72% - Growth & earnings 12.1/35 | Capital efficiency 15.2/25 | Valuation 10.4/20 | Relative strength 0.3/20 - Exact sum: 12.1 + 15.2 + 10.4 + 0.3 = 38 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 28. Enbridge Inc. (ENB): 32/100 — Adverse evidence; evidence 82% - Growth & earnings 13.9/35 | Capital efficiency 8.0/25 | Valuation 4.8/20 | Relative strength 5.4/20 - Exact sum: 13.9 + 8 + 4.8 + 5.4 = 32.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 29. Cheniere Energy, Inc. (LNG): 27/100 — Adverse evidence; evidence 82% - Growth & earnings 8.3/35 | Capital efficiency 3.5/25 | Valuation 10.8/20 | Relative strength 4.5/20 - Exact sum: 8.3 + 3.5 + 10.8 + 4.5 = 27.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 30. SunocoCorp LLC (SUNC): 50/100 — Thin evidence · provisional; evidence 24% - Growth & earnings 18.4/35 | Capital efficiency 11.8/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 18.4 + 11.8 + 10 + 10 = 50.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Revenue Scale & Growth Durability What the numbers say: Energy Transfer LP is the scale leader at $92,287 million, 33.7% ahead of Enbridge Inc.. Cmb.Tech NV's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 108.7% from a $1,951 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Energy Transfer LP is the scale benchmark; Cmb.Tech NV is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Energy Transfer LP's growth falls below Cmb.Tech NV's for two consecutive comparable reports while operating margin also compresses. Evidence: Energy Transfer LP · $92,287 million | 33.7% versus #2 · Enbridge Inc. | 4/8 recent comparable periods | 28/30 companies · 538 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. Energy Transfer LP (ET): ₹92.3K Cr 2. Enbridge Inc. (ENB): ₹69.0K Cr 3. Enterprise Products Partners L.P. (EPD): ₹51.6K Cr 4. Plains All American Pipeline, L.P. (PAA): ₹45.3K Cr 5. Plains GP Holdings, L.P. (PAGP): ₹45.3K Cr ### Revenue growth — fastest growers 1. Cmb.Tech NV (CMBT): 100% 2. Venture Global, Inc. (VG): 100% 3. Viper Energy, Inc. (VNOM): 84% 4. Golar LNG Limited (GLNG): 82% 5. ONEOK, Inc. (OKE): 41% ### 20-quarter Revenue history - ENB: Sep 2021 ₹11.5K Cr | Dec 2021 ₹12.5K Cr | Mar 2022 ₹15.1K Cr | Jun 2022 ₹13.2K Cr | Sep 2022 ₹11.6K Cr | Dec 2022 ₹13.4K Cr | Mar 2023 ₹12.1K Cr | Jun 2023 ₹10.4K Cr | Sep 2023 ₹9.8K Cr | Dec 2023 ₹11.3K Cr | Mar 2024 ₹11.0K Cr | Jun 2024 ₹11.3K Cr | Sep 2024 ₹14.9K Cr | Dec 2024 ₹16.2K Cr | Mar 2025 ₹18.5K Cr | Jun 2025 ₹14.9K Cr | Sep 2025 ₹14.6K Cr | Dec 2025 ₹17.2K Cr | Mar 2026 ₹22.4K Cr | Jun 2026 — - WMB: Sep 2021 ₹2.5K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 — - EPD: Sep 2021 ₹10.8K Cr | Dec 2021 ₹11.4K Cr | Mar 2022 ₹13.0K Cr | Jun 2022 ₹16.1K Cr | Sep 2022 ₹15.5K Cr | Dec 2022 ₹13.7K Cr | Mar 2023 ₹12.4K Cr | Jun 2023 ₹10.7K Cr | Sep 2023 ₹12.0K Cr | Dec 2023 ₹14.6K Cr | Mar 2024 ₹14.8K Cr | Jun 2024 ₹13.5K Cr | Sep 2024 ₹13.8K Cr | Dec 2024 ₹14.2K Cr | Mar 2025 ₹15.4K Cr | Jun 2025 ₹11.4K Cr | Sep 2025 ₹12.0K Cr | Dec 2025 ₹13.8K Cr | Mar 2026 ₹14.4K Cr | Jun 2026 — - TRP: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 — - KMI: Sep 2021 ₹3.8K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹5.2K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.8K Cr | Jun 2026 — - ET: Sep 2021 ₹16.7K Cr | Dec 2021 ₹18.7K Cr | Mar 2022 ₹20.5K Cr | Jun 2022 ₹25.9K Cr | Sep 2022 ₹22.9K Cr | Dec 2022 ₹20.5K Cr | Mar 2023 ₹19.0K Cr | Jun 2023 ₹18.3K Cr | Sep 2023 ₹20.7K Cr | Dec 2023 ₹20.5K Cr | Mar 2024 ₹21.6K Cr | Jun 2024 ₹20.7K Cr | Sep 2024 ₹20.8K Cr | Dec 2024 ₹19.5K Cr | Mar 2025 ₹21.0K Cr | Jun 2025 ₹19.2K Cr | Sep 2025 ₹20.0K Cr | Dec 2025 ₹25.3K Cr | Mar 2026 ₹27.8K Cr | Jun 2026 — - MPLX: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 — - TRGP: Sep 2021 ₹4.5K Cr | Dec 2021 ₹5.4K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹6.1K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹4.6K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 — - OKE: Sep 2021 ₹4.5K Cr | Dec 2021 ₹5.4K Cr | Mar 2022 ₹5.4K Cr | Jun 2022 ₹6.0K Cr | Sep 2022 ₹5.9K Cr | Dec 2022 ₹5.0K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹4.8K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹7.0K Cr | Mar 2025 ₹8.0K Cr | Jun 2025 ₹7.9K Cr | Sep 2025 ₹8.6K Cr | Dec 2025 ₹9.1K Cr | Mar 2026 ₹9.6K Cr | Jun 2026 — - LNG: Sep 2021 ₹3.2K Cr | Dec 2021 ₹6.6K Cr | Mar 2022 ₹7.5K Cr | Jun 2022 ₹8.0K Cr | Sep 2022 ₹8.9K Cr | Dec 2022 ₹9.1K Cr | Mar 2023 ₹7.3K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹5.4K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹5.9K Cr | Jun 2026 — - CQP: Sep 2021 ₹2.3K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹5.0K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 — - VG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹926 Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 — - PBA: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 — - WES: Sep 2021 ₹764 Cr | Dec 2021 ₹719 Cr | Mar 2022 ₹758 Cr | Jun 2022 ₹876 Cr | Sep 2022 ₹838 Cr | Dec 2022 ₹779 Cr | Mar 2023 ₹734 Cr | Jun 2023 ₹738 Cr | Sep 2023 ₹776 Cr | Dec 2023 ₹858 Cr | Mar 2024 ₹888 Cr | Jun 2024 ₹906 Cr | Sep 2024 ₹883 Cr | Dec 2024 ₹929 Cr | Mar 2025 ₹917 Cr | Jun 2025 ₹942 Cr | Sep 2025 ₹952 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - PAA: Sep 2021 ₹10.8K Cr | Dec 2021 ₹13.0K Cr | Mar 2022 ₹13.7K Cr | Jun 2022 ₹16.4K Cr | Sep 2022 ₹14.3K Cr | Dec 2022 ₹13.0K Cr | Mar 2023 ₹12.3K Cr | Jun 2023 ₹11.6K Cr | Sep 2023 ₹12.1K Cr | Dec 2023 ₹11.3K Cr | Mar 2024 ₹12.0K Cr | Jun 2024 ₹12.8K Cr | Sep 2024 ₹12.5K Cr | Dec 2024 ₹12.0K Cr | Mar 2025 ₹11.5K Cr | Jun 2025 ₹10.6K Cr | Sep 2025 ₹11.6K Cr | Dec 2025 ₹10.6K Cr | Mar 2026 ₹12.5K Cr | Jun 2026 — - VNOM: Sep 2021 ₹128 Cr | Dec 2021 ₹166 Cr | Mar 2022 ₹202 Cr | Jun 2022 ₹239 Cr | Sep 2022 ₹222 Cr | Dec 2022 ₹204 Cr | Mar 2023 ₹169 Cr | Jun 2023 ₹161 Cr | Sep 2023 ₹293 Cr | Dec 2023 ₹205 Cr | Mar 2024 ₹205 Cr | Jun 2024 ₹216 Cr | Sep 2024 ₹211 Cr | Dec 2024 ₹229 Cr | Mar 2025 ₹245 Cr | Jun 2025 ₹297 Cr | Sep 2025 ₹418 Cr | Dec 2025 ₹435 Cr | Mar 2026 ₹511 Cr | Jun 2026 — - DTM: Sep 2021 ₹212 Cr | Dec 2021 ₹223 Cr | Mar 2022 ₹215 Cr | Jun 2022 ₹227 Cr | Sep 2022 ₹235 Cr | Dec 2022 ₹243 Cr | Mar 2023 ₹220 Cr | Jun 2023 ₹224 Cr | Sep 2023 ₹234 Cr | Dec 2023 ₹244 Cr | Mar 2024 ₹240 Cr | Jun 2024 ₹244 Cr | Sep 2024 ₹248 Cr | Dec 2024 ₹249 Cr | Mar 2025 ₹303 Cr | Jun 2025 ₹309 Cr | Sep 2025 ₹314 Cr | Dec 2025 ₹317 Cr | Mar 2026 ₹336 Cr | Jun 2026 — - AM: Sep 2021 ₹225 Cr | Dec 2021 ₹216 Cr | Mar 2022 ₹218 Cr | Jun 2022 ₹229 Cr | Sep 2022 ₹231 Cr | Dec 2022 ₹242 Cr | Mar 2023 ₹259 Cr | Jun 2023 ₹258 Cr | Sep 2023 ₹264 Cr | Dec 2023 ₹260 Cr | Mar 2024 ₹279 Cr | Jun 2024 ₹270 Cr | Sep 2024 ₹270 Cr | Dec 2024 ₹287 Cr | Mar 2025 ₹291 Cr | Jun 2025 ₹305 Cr | Sep 2025 ₹295 Cr | Dec 2025 ₹297 Cr | Mar 2026 ₹314 Cr | Jun 2026 — - FRO: Sep 2021 ₹172 Cr | Dec 2021 ₹214 Cr | Mar 2022 ₹217 Cr | Jun 2022 ₹300 Cr | Sep 2022 ₹382 Cr | Dec 2022 ₹530 Cr | Mar 2023 ₹497 Cr | Jun 2023 ₹513 Cr | Sep 2023 ₹377 Cr | Dec 2023 ₹415 Cr | Mar 2024 ₹578 Cr | Jun 2024 ₹556 Cr | Sep 2024 ₹490 Cr | Dec 2024 ₹426 Cr | Mar 2025 ₹428 Cr | Jun 2025 ₹480 Cr | Sep 2025 ₹433 Cr | Dec 2025 ₹625 Cr | Mar 2026 ₹714 Cr | Jun 2026 — - HESM: Sep 2021 ₹304 Cr | Dec 2021 ₹316 Cr | Mar 2022 ₹312 Cr | Jun 2022 ₹313 Cr | Sep 2022 ₹335 Cr | Dec 2022 ₹315 Cr | Mar 2023 ₹305 Cr | Jun 2023 ₹324 Cr | Sep 2023 ₹363 Cr | Dec 2023 ₹357 Cr | Mar 2024 ₹356 Cr | Jun 2024 ₹366 Cr | Sep 2024 ₹379 Cr | Dec 2024 ₹396 Cr | Mar 2025 ₹382 Cr | Jun 2025 ₹414 Cr | Sep 2025 ₹421 Cr | Dec 2025 ₹404 Cr | Mar 2026 ₹390 Cr | Jun 2026 — - KNTK: Sep 2021 ₹167 Cr | Dec 2021 ₹212 Cr | Mar 2022 ₹257 Cr | Jun 2022 ₹336 Cr | Sep 2022 ₹325 Cr | Dec 2022 ₹295 Cr | Mar 2023 ₹281 Cr | Jun 2023 ₹296 Cr | Sep 2023 ₹330 Cr | Dec 2023 ₹349 Cr | Mar 2024 ₹341 Cr | Jun 2024 ₹359 Cr | Sep 2024 ₹396 Cr | Dec 2024 ₹386 Cr | Mar 2025 ₹443 Cr | Jun 2025 ₹427 Cr | Sep 2025 ₹464 Cr | Dec 2025 ₹430 Cr | Mar 2026 ₹410 Cr | Jun 2026 — - SOBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹526 Cr | Dec 2023 ₹554 Cr | Mar 2024 ₹544 Cr | Jun 2024 ₹554 Cr | Sep 2024 ₹534 Cr | Dec 2024 ₹488 Cr | Mar 2025 ₹498 Cr | Jun 2025 ₹524 Cr | Sep 2025 ₹461 Cr | Dec 2025 ₹503 Cr | Mar 2026 ₹491 Cr | Jun 2026 — - PAGP: Sep 2021 ₹10.8K Cr | Dec 2021 ₹13.0K Cr | Mar 2022 ₹13.7K Cr | Jun 2022 ₹16.4K Cr | Sep 2022 ₹14.3K Cr | Dec 2022 ₹13.0K Cr | Mar 2023 ₹12.3K Cr | Jun 2023 ₹11.6K Cr | Sep 2023 ₹12.1K Cr | Dec 2023 ₹11.3K Cr | Mar 2024 ₹12.0K Cr | Jun 2024 ₹12.8K Cr | Sep 2024 ₹12.5K Cr | Dec 2024 ₹12.0K Cr | Mar 2025 ₹11.5K Cr | Jun 2025 ₹10.6K Cr | Sep 2025 ₹11.6K Cr | Dec 2025 ₹10.6K Cr | Mar 2026 ₹12.5K Cr | Jun 2026 — - GLNG: Sep 2021 ₹107 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹67 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹78 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹65 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹123 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹138 Cr | Jun 2026 — - INSW: Sep 2021 ₹85 Cr | Dec 2021 ₹95 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹188 Cr | Sep 2022 ₹237 Cr | Dec 2022 ₹338 Cr | Mar 2023 ₹287 Cr | Jun 2023 ₹292 Cr | Sep 2023 ₹242 Cr | Dec 2023 ₹251 Cr | Mar 2024 ₹274 Cr | Jun 2024 ₹257 Cr | Sep 2024 ₹225 Cr | Dec 2024 ₹195 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹196 Cr | Sep 2025 ₹196 Cr | Dec 2025 ₹268 Cr | Mar 2026 ₹325 Cr | Jun 2026 — - CMBT: Sep 2021 ₹94 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹114 Cr | Jun 2022 ₹149 Cr | Sep 2022 ₹224 Cr | Dec 2022 ₹368 Cr | Mar 2023 ₹340 Cr | Jun 2023 ₹348 Cr | Sep 2023 ₹278 Cr | Dec 2023 ₹269 Cr | Mar 2024 ₹240 Cr | Jun 2024 ₹252 Cr | Sep 2024 ₹222 Cr | Dec 2024 ₹226 Cr | Mar 2025 ₹235 Cr | Jun 2025 ₹388 Cr | Sep 2025 ₹454 Cr | Dec 2025 ₹589 Cr | Mar 2026 ₹520 Cr | Jun 2026 — - EE: Sep 2021 ₹192 Cr | Dec 2021 ₹339 Cr | Mar 2022 ₹592 Cr | Jun 2022 ₹623 Cr | Sep 2022 ₹803 Cr | Dec 2022 ₹455 Cr | Mar 2023 ₹211 Cr | Jun 2023 ₹432 Cr | Sep 2023 ₹275 Cr | Dec 2023 ₹240 Cr | Mar 2024 ₹200 Cr | Jun 2024 ₹183 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹275 Cr | Mar 2025 ₹315 Cr | Jun 2025 ₹205 Cr | Sep 2025 ₹391 Cr | Dec 2025 ₹318 Cr | Mar 2026 ₹433 Cr | Jun 2026 — - SUNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹5.2K Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹8.6K Cr | Mar 2026 ₹10.7K Cr | Jun 2026 — - STNG: Sep 2021 ₹119 Cr | Dec 2021 ₹148 Cr | Mar 2022 ₹174 Cr | Jun 2022 ₹405 Cr | Sep 2022 ₹490 Cr | Dec 2022 ₹494 Cr | Mar 2023 ₹384 Cr | Jun 2023 ₹329 Cr | Sep 2023 ₹291 Cr | Dec 2023 ₹336 Cr | Mar 2024 ₹391 Cr | Jun 2024 ₹381 Cr | Sep 2024 ₹268 Cr | Dec 2024 ₹204 Cr | Mar 2025 ₹214 Cr | Jun 2025 ₹230 Cr | Sep 2025 ₹241 Cr | Dec 2025 ₹253 Cr | Mar 2026 ₹313 Cr | Jun 2026 — - BWLP: Sep 2021 ₹156 Cr | Dec 2021 ₹386 Cr | Mar 2022 ₹291 Cr | Jun 2022 ₹358 Cr | Sep 2022 ₹330 Cr | Dec 2022 ₹603 Cr | Mar 2023 ₹893 Cr | Jun 2023 ₹459 Cr | Sep 2023 ₹713 Cr | Dec 2023 ₹857 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹876 Cr | Sep 2024 ₹805 Cr | Dec 2024 ₹844 Cr | Mar 2025 ₹862 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹944 Cr | Dec 2025 ₹732 Cr | Mar 2026 ₹839 Cr | Jun 2026 — ### 20-quarter Revenue growth history - ENB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 0.9% | Dec 2022 7.2% | Mar 2023 -20% | Jun 2023 -21% | Sep 2023 -15% | Dec 2023 -16% | Mar 2024 -8.6% | Jun 2024 8.7% | Sep 2024 51% | Dec 2024 44% | Mar 2025 68% | Jun 2025 31% | Sep 2025 -1.6% | Dec 2025 5.9% | Mar 2026 21% | Jun 2026 — - WMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.1% | Sep 2022 22% | Dec 2022 -10% | Mar 2023 22% | Jun 2023 -0.3% | Sep 2023 -15% | Dec 2023 -5.0% | Mar 2024 -10% | Jun 2024 -5.9% | Sep 2024 3.7% | Dec 2024 -1.5% | Mar 2025 10% | Jun 2025 19% | Sep 2025 10% | Dec 2025 17% | Mar 2026 -0.6% | Jun 2026 — - EPD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 70% | Sep 2022 43% | Dec 2022 20% | Mar 2023 -4.3% | Jun 2023 -34% | Sep 2023 -22% | Dec 2023 7.1% | Mar 2024 19% | Jun 2024 27% | Sep 2024 15% | Dec 2024 -2.9% | Mar 2025 4.5% | Jun 2025 -16% | Sep 2025 -13% | Dec 2025 -2.9% | Mar 2026 -6.7% | Jun 2026 — - TRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 17% | Dec 2022 13% | Mar 2023 12% | Jun 2023 5.3% | Sep 2023 3.7% | Dec 2023 -13% | Mar 2024 -11% | Jun 2024 -13% | Sep 2024 -15% | Dec 2024 2.1% | Mar 2025 3.3% | Jun 2025 13% | Sep 2025 10% | Dec 2025 17% | Mar 2026 6.6% | Jun 2026 — - KMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 64% | Sep 2022 35% | Dec 2022 3.5% | Mar 2023 -9.4% | Jun 2023 -32% | Sep 2023 -25% | Dec 2023 -12% | Mar 2024 -1.2% | Jun 2024 2.0% | Sep 2024 -5.3% | Dec 2024 -1.3% | Mar 2025 10% | Jun 2025 13% | Sep 2025 12% | Dec 2025 13% | Mar 2026 14% | Jun 2026 — - ET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 72% | Sep 2022 38% | Dec 2022 9.9% | Mar 2023 -7.3% | Jun 2023 -29% | Sep 2023 -9.6% | Dec 2023 0.2% | Mar 2024 14% | Jun 2024 13% | Sep 2024 0.2% | Dec 2024 -4.8% | Mar 2025 -2.8% | Jun 2025 -7.2% | Sep 2025 -3.9% | Dec 2025 30% | Mar 2026 32% | Jun 2026 — - MPLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 33% | Dec 2022 -4.5% | Mar 2023 2.7% | Jun 2023 -10% | Sep 2023 -16% | Dec 2023 11% | Mar 2024 4.3% | Jun 2024 7.2% | Sep 2024 2.5% | Dec 2024 3.1% | Mar 2025 9.3% | Jun 2025 3.9% | Sep 2025 4.5% | Dec 2025 7.1% | Mar 2026 -2.8% | Jun 2026 — - TRGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 77% | Sep 2022 20% | Dec 2022 -16% | Mar 2023 -8.8% | Jun 2023 -44% | Sep 2023 -27% | Dec 2023 -6.9% | Mar 2024 0.9% | Jun 2024 4.6% | Sep 2024 -1.2% | Dec 2024 3.9% | Mar 2025 0.0% | Jun 2025 20% | Sep 2025 7.8% | Dec 2025 -7.9% | Mar 2026 -10% | Jun 2026 — - OKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 77% | Sep 2022 30% | Dec 2022 -7.2% | Mar 2023 -17% | Jun 2023 -38% | Sep 2023 -29% | Dec 2023 4.0% | Mar 2024 5.8% | Jun 2024 31% | Sep 2024 20% | Dec 2024 34% | Mar 2025 68% | Jun 2025 61% | Sep 2025 72% | Dec 2025 30% | Mar 2026 20% | Jun 2026 — - LNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 165% | Sep 2022 177% | Dec 2022 39% | Mar 2023 -2.3% | Jun 2023 -49% | Sep 2023 -53% | Dec 2023 -47% | Mar 2024 -42% | Jun 2024 -21% | Sep 2024 -9.5% | Dec 2024 -8.0% | Mar 2025 28% | Jun 2025 43% | Sep 2025 18% | Dec 2025 23% | Mar 2026 7.8% | Jun 2026 — - CQP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 121% | Sep 2022 114% | Dec 2022 45% | Mar 2023 -12% | Jun 2023 -54% | Sep 2023 -57% | Dec 2023 -43% | Mar 2024 -21% | Jun 2024 -2.0% | Sep 2024 -3.4% | Dec 2024 -8.4% | Mar 2025 30% | Jun 2025 30% | Sep 2025 17% | Dec 2025 18% | Mar 2026 20% | Jun 2026 — - VG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -12% | Dec 2024 -6.6% | Mar 2025 105% | Jun 2025 180% | Sep 2025 260% | Dec 2025 192% | Mar 2026 59% | Jun 2026 — - PBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 63% | Sep 2022 29% | Dec 2022 5.4% | Mar 2023 -47% | Jun 2023 -54% | Sep 2023 -48% | Dec 2023 -32% | Mar 2024 -4.8% | Jun 2024 30% | Sep 2024 27% | Dec 2024 17% | Mar 2025 48% | Jun 2025 -3.4% | Sep 2025 -2.9% | Dec 2025 -11% | Mar 2026 -7.7% | Jun 2026 — - WES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 9.7% | Dec 2022 8.3% | Mar 2023 -3.2% | Jun 2023 -16% | Sep 2023 -7.4% | Dec 2023 10% | Mar 2024 21% | Jun 2024 23% | Sep 2024 14% | Dec 2024 8.3% | Mar 2025 3.3% | Jun 2025 4.0% | Sep 2025 7.8% | Dec 2025 11% | Mar 2026 23% | Jun 2026 — - PAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 65% | Sep 2022 33% | Dec 2022 -0.3% | Mar 2023 -9.9% | Jun 2023 -29% | Sep 2023 -16% | Dec 2023 -13% | Mar 2024 -2.8% | Jun 2024 10.0% | Sep 2024 3.2% | Dec 2024 6.3% | Mar 2025 -4.3% | Jun 2025 -17% | Sep 2025 -7.1% | Dec 2025 -12% | Mar 2026 8.7% | Jun 2026 — - VNOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 110% | Sep 2022 73% | Dec 2022 23% | Mar 2023 -16% | Jun 2023 -33% | Sep 2023 32% | Dec 2023 0.5% | Mar 2024 21% | Jun 2024 34% | Sep 2024 -28% | Dec 2024 12% | Mar 2025 20% | Jun 2025 38% | Sep 2025 98% | Dec 2025 90% | Mar 2026 109% | Jun 2026 — - DTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.1% | Sep 2022 11% | Dec 2022 9.0% | Mar 2023 2.3% | Jun 2023 -1.3% | Sep 2023 -0.4% | Dec 2023 0.4% | Mar 2024 9.1% | Jun 2024 8.9% | Sep 2024 6.0% | Dec 2024 2.1% | Mar 2025 26% | Jun 2025 27% | Sep 2025 27% | Dec 2025 27% | Mar 2026 11% | Jun 2026 — - AM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.7% | Sep 2022 2.7% | Dec 2022 12% | Mar 2023 19% | Jun 2023 13% | Sep 2023 14% | Dec 2023 7.4% | Mar 2024 7.7% | Jun 2024 4.7% | Sep 2024 2.3% | Dec 2024 10% | Mar 2025 4.3% | Jun 2025 13% | Sep 2025 9.3% | Dec 2025 3.5% | Mar 2026 7.9% | Jun 2026 — - FRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 76% | Sep 2022 122% | Dec 2022 148% | Mar 2023 129% | Jun 2023 71% | Sep 2023 -1.3% | Dec 2023 -22% | Mar 2024 16% | Jun 2024 8.4% | Sep 2024 30% | Dec 2024 2.7% | Mar 2025 -26% | Jun 2025 -14% | Sep 2025 -12% | Dec 2025 47% | Mar 2026 67% | Jun 2026 — - HESM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.1% | Sep 2022 10% | Dec 2022 -0.3% | Mar 2023 -2.2% | Jun 2023 3.5% | Sep 2023 8.4% | Dec 2023 13% | Mar 2024 17% | Jun 2024 13% | Sep 2024 4.4% | Dec 2024 11% | Mar 2025 7.3% | Jun 2025 13% | Sep 2025 11% | Dec 2025 2.0% | Mar 2026 2.1% | Jun 2026 — - KNTK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 147% | Sep 2022 95% | Dec 2022 39% | Mar 2023 9.3% | Jun 2023 -12% | Sep 2023 1.5% | Dec 2023 18% | Mar 2024 21% | Jun 2024 21% | Sep 2024 20% | Dec 2024 11% | Mar 2025 30% | Jun 2025 19% | Sep 2025 17% | Dec 2025 11% | Mar 2026 -7.5% | Jun 2026 — - SOBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.5% | Dec 2024 -12% | Mar 2025 -8.5% | Jun 2025 -5.4% | Sep 2025 -14% | Dec 2025 3.1% | Mar 2026 -1.4% | Jun 2026 — - PAGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 65% | Sep 2022 33% | Dec 2022 -0.3% | Mar 2023 -9.9% | Jun 2023 -29% | Sep 2023 -16% | Dec 2023 -13% | Mar 2024 -2.8% | Jun 2024 10.0% | Sep 2024 3.2% | Dec 2024 6.3% | Mar 2025 -4.3% | Jun 2025 -17% | Sep 2025 -7.1% | Dec 2025 -12% | Mar 2026 8.7% | Jun 2026 — - GLNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -36% | Sep 2022 -36% | Dec 2022 -18% | Mar 2023 1.4% | Jun 2023 16% | Sep 2023 -2.9% | Dec 2023 36% | Mar 2024 -12% | Jun 2024 -17% | Sep 2024 -3.0% | Dec 2024 -18% | Mar 2025 -3.1% | Jun 2025 17% | Sep 2025 89% | Dec 2025 102% | Mar 2026 119% | Jun 2026 — - INSW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 309% | Sep 2022 179% | Dec 2022 256% | Mar 2023 184% | Jun 2023 55% | Sep 2023 2.1% | Dec 2023 -26% | Mar 2024 -4.5% | Jun 2024 -12% | Sep 2024 -7.0% | Dec 2024 -22% | Mar 2025 -33% | Jun 2025 -24% | Sep 2025 -13% | Dec 2025 37% | Mar 2026 78% | Jun 2026 — - CMBT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 51% | Sep 2022 138% | Dec 2022 215% | Mar 2023 198% | Jun 2023 134% | Sep 2023 24% | Dec 2023 -27% | Mar 2024 -29% | Jun 2024 -28% | Sep 2024 -20% | Dec 2024 -16% | Mar 2025 -2.1% | Jun 2025 54% | Sep 2025 105% | Dec 2025 161% | Mar 2026 121% | Jun 2026 — - EE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 223% | Sep 2022 318% | Dec 2022 34% | Mar 2023 -64% | Jun 2023 -31% | Sep 2023 -66% | Dec 2023 -47% | Mar 2024 -5.2% | Jun 2024 -58% | Sep 2024 -30% | Dec 2024 15% | Mar 2025 58% | Jun 2025 12% | Sep 2025 103% | Dec 2025 16% | Mar 2026 37% | Jun 2026 — - SUNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 106% | Jun 2026 — - STNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 191% | Sep 2022 312% | Dec 2022 234% | Mar 2023 121% | Jun 2023 -19% | Sep 2023 -41% | Dec 2023 -32% | Mar 2024 1.8% | Jun 2024 16% | Sep 2024 -7.9% | Dec 2024 -39% | Mar 2025 -45% | Jun 2025 -40% | Sep 2025 -10% | Dec 2025 24% | Mar 2026 46% | Jun 2026 — - BWLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 150% | Sep 2022 112% | Dec 2022 56% | Mar 2023 207% | Jun 2023 28% | Sep 2023 116% | Dec 2023 42% | Mar 2024 16% | Jun 2024 91% | Sep 2024 13% | Dec 2024 -1.5% | Mar 2025 -17% | Jun 2025 19% | Sep 2025 17% | Dec 2025 -13% | Mar 2026 -2.7% | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: International Seaways, Inc. leads opm at 89.9%; Golar LNG Limited leads margin change at +76.5 percentage points. Investor read: International Seaways, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: International Seaways, Inc. · 89.9% | 6.3% versus #2 · Cmb.Tech NV | 2/8 recent comparable periods | 30/30 companies · 538 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. International Seaways, Inc. (INSW): 90% 2. Cmb.Tech NV (CMBT): 85% 3. Frontline plc (FRO): 82% 4. Golar LNG Limited (GLNG): 82% 5. Scorpio Tankers Inc. (STNG): 70% ### Margin change — fastest expanders 1. Golar LNG Limited (GLNG): +76.5 pp 2. Frontline plc (FRO): +60.1 pp 3. International Seaways, Inc. (INSW): +57.6 pp 4. Scorpio Tankers Inc. (STNG): +42.0 pp 5. Cmb.Tech NV (CMBT): +40.9 pp ### 20-quarter OPM history - ENB: Sep 2021 12% | Dec 2021 17% | Mar 2022 16% | Jun 2022 12% | Sep 2022 15% | Dec 2022 -4.0% | Mar 2023 22% | Jun 2023 23% | Sep 2023 18% | Dec 2023 16% | Mar 2024 25% | Jun 2024 20% | Sep 2024 15% | Dec 2024 15% | Mar 2025 20% | Jun 2025 15% | Sep 2025 16% | Dec 2025 16% | Mar 2026 14% | Jun 2026 — - WMB: Sep 2021 14% | Dec 2021 29% | Mar 2022 26% | Jun 2022 19% | Sep 2022 27% | Dec 2022 37% | Mar 2023 44% | Jun 2023 35% | Sep 2023 39% | Dec 2023 39% | Mar 2024 37% | Jun 2024 30% | Sep 2024 32% | Dec 2024 29% | Mar 2025 36% | Jun 2025 34% | Sep 2025 38% | Dec 2025 33% | Mar 2026 44% | Jun 2026 — - EPD: Sep 2021 14% | Dec 2021 12% | Mar 2022 13% | Jun 2022 11% | Sep 2022 11% | Dec 2022 13% | Mar 2023 14% | Jun 2023 15% | Sep 2023 14% | Dec 2023 13% | Mar 2024 12% | Jun 2024 13% | Sep 2024 13% | Dec 2024 14% | Mar 2025 11% | Jun 2025 16% | Sep 2025 14% | Dec 2025 15% | Mar 2026 13% | Jun 2026 — - TRP: Sep 2021 40% | Dec 2021 46% | Mar 2022 28% | Jun 2022 40% | Sep 2022 39% | Dec 2022 44% | Mar 2023 48% | Jun 2023 42% | Sep 2023 40% | Dec 2023 44% | Mar 2024 46% | Jun 2024 41% | Sep 2024 41% | Dec 2024 41% | Mar 2025 46% | Jun 2025 43% | Sep 2025 43% | Dec 2025 45% | Mar 2026 48% | Jun 2026 — - KMI: Sep 2021 22% | Dec 2021 22% | Mar 2022 24% | Jun 2022 20% | Sep 2022 18% | Dec 2022 24% | Mar 2023 31% | Jun 2023 29% | Sep 2023 24% | Dec 2023 27% | Mar 2024 32% | Jun 2024 29% | Sep 2024 27% | Dec 2024 28% | Mar 2025 27% | Jun 2025 29% | Sep 2025 26% | Dec 2025 30% | Mar 2026 30% | Jun 2026 — - ET: Sep 2021 8.6% | Dec 2021 9.1% | Mar 2022 9.0% | Jun 2022 8.1% | Sep 2022 8.6% | Dec 2022 8.8% | Mar 2023 11% | Jun 2023 10% | Sep 2023 11% | Dec 2023 11% | Mar 2024 11% | Jun 2024 11% | Sep 2024 11% | Dec 2024 12% | Mar 2025 12% | Jun 2025 12% | Sep 2025 11% | Dec 2025 8.2% | Mar 2026 11% | Jun 2026 — - MPLX: Sep 2021 38% | Dec 2021 37% | Mar 2022 38% | Jun 2022 36% | Sep 2022 47% | Dec 2022 37% | Mar 2023 41% | Jun 2023 41% | Sep 2023 36% | Dec 2023 43% | Mar 2024 41% | Jun 2024 40% | Sep 2024 40% | Dec 2024 41% | Mar 2025 40% | Jun 2025 40% | Sep 2025 38% | Dec 2025 43% | Mar 2026 36% | Jun 2026 — - TRGP: Sep 2021 8.2% | Dec 2021 -1.7% | Mar 2022 6.0% | Jun 2022 7.5% | Sep 2022 8.0% | Dec 2022 12% | Mar 2023 19% | Jun 2023 19% | Sep 2023 13% | Dec 2023 15% | Mar 2024 14% | Jun 2024 18% | Sep 2024 19% | Dec 2024 16% | Mar 2025 12% | Jun 2025 24% | Sep 2025 20% | Dec 2025 23% | Mar 2026 21% | Jun 2026 — - OKE: Sep 2021 15% | Dec 2021 12% | Mar 2022 12% | Jun 2022 12% | Sep 2022 12% | Dec 2022 15% | Mar 2023 33% | Jun 2023 20% | Sep 2023 18% | Dec 2023 21% | Mar 2024 22% | Jun 2024 25% | Sep 2024 23% | Dec 2024 22% | Mar 2025 15% | Jun 2025 18% | Sep 2025 18% | Dec 2025 17% | Mar 2026 15% | Jun 2026 — - LNG: Sep 2021 -73% | Dec 2021 6.7% | Mar 2022 -8.2% | Jun 2022 18% | Sep 2022 -34% | Dec 2022 74% | Mar 2023 109% | Jun 2023 56% | Sep 2023 66% | Dec 2023 51% | Mar 2024 27% | Jun 2024 49% | Sep 2024 44% | Dec 2024 39% | Mar 2025 18% | Jun 2025 55% | Sep 2025 41% | Dec 2025 70% | Mar 2026 -59% | Jun 2026 — - CQP: Sep 2021 27% | Dec 2021 22% | Mar 2022 11% | Jun 2022 13% | Sep 2022 -6.0% | Dec 2022 59% | Mar 2023 73% | Jun 2023 42% | Sep 2023 46% | Dec 2023 41% | Mar 2024 38% | Jun 2024 40% | Sep 2024 40% | Dec 2024 33% | Mar 2025 28% | Jun 2025 29% | Sep 2025 29% | Dec 2025 51% | Mar 2026 10% | Jun 2026 — - VG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 29% | Dec 2023 45% | Mar 2024 44% | Jun 2024 33% | Sep 2024 20% | Dec 2024 39% | Mar 2025 37% | Jun 2025 34% | Sep 2025 40% | Dec 2025 39% | Mar 2026 25% | Jun 2026 — - PBA: Sep 2021 43% | Dec 2021 9.4% | Mar 2022 24% | Jun 2022 21% | Sep 2022 68% | Dec 2022 16% | Mar 2023 36% | Jun 2023 40% | Sep 2023 39% | Dec 2023 51% | Mar 2024 41% | Jun 2024 6.1% | Sep 2024 34% | Dec 2024 42% | Mar 2025 35% | Jun 2025 38% | Sep 2025 31% | Dec 2025 41% | Mar 2026 37% | Jun 2026 — - WES: Sep 2021 50% | Dec 2021 45% | Mar 2022 53% | Jun 2022 45% | Sep 2022 43% | Dec 2022 55% | Mar 2023 40% | Jun 2023 46% | Sep 2023 47% | Dec 2023 46% | Mar 2024 77% | Jun 2024 52% | Sep 2024 45% | Dec 2024 46% | Mar 2025 45% | Jun 2025 47% | Sep 2025 46% | Dec 2025 30% | Mar 2026 42% | Jun 2026 — - PAA: Sep 2021 -0.4% | Dec 2021 4.6% | Mar 2022 2.1% | Jun 2022 2.5% | Sep 2022 4.4% | Dec 2022 -0.3% | Mar 2023 3.8% | Jun 2023 3.3% | Sep 2023 1.9% | Dec 2023 3.8% | Mar 2024 3.1% | Jun 2024 2.6% | Sep 2024 1.6% | Dec 2024 -0.1% | Mar 2025 3.1% | Jun 2025 2.2% | Sep 2025 4.2% | Dec 2025 3.4% | Mar 2026 3.2% | Jun 2026 — - VNOM: Sep 2021 72% | Dec 2021 76% | Mar 2022 79% | Jun 2022 79% | Sep 2022 78% | Dec 2022 78% | Mar 2023 72% | Jun 2023 70% | Sep 2023 83% | Dec 2023 70% | Mar 2024 68% | Jun 2024 69% | Sep 2024 65% | Dec 2024 63% | Mar 2025 63% | Jun 2025 46% | Sep 2025 -42% | Dec 2025 -58% | Mar 2026 50% | Jun 2026 — - DTM: Sep 2021 50% | Dec 2021 49% | Mar 2022 48% | Jun 2022 60% | Sep 2022 52% | Dec 2022 48% | Mar 2023 50% | Jun 2023 52% | Sep 2023 53% | Dec 2023 49% | Mar 2024 52% | Jun 2024 53% | Sep 2024 49% | Dec 2024 45% | Mar 2025 49% | Jun 2025 50% | Sep 2025 49% | Dec 2025 49% | Mar 2026 49% | Jun 2026 — - AM: Sep 2021 63% | Dec 2021 59% | Mar 2022 59% | Jun 2022 56% | Sep 2022 60% | Dec 2022 60% | Mar 2023 57% | Jun 2023 56% | Sep 2023 62% | Dec 2023 60% | Mar 2024 60% | Jun 2024 57% | Sep 2024 60% | Dec 2024 62% | Mar 2025 61% | Jun 2025 61% | Sep 2025 61% | Dec 2025 34% | Mar 2026 60% | Jun 2026 — - FRO: Sep 2021 -11% | Dec 2021 8.6% | Mar 2022 9.5% | Jun 2022 22% | Sep 2022 29% | Dec 2022 46% | Mar 2023 48% | Jun 2023 49% | Sep 2023 30% | Dec 2023 33% | Mar 2024 43% | Jun 2024 46% | Sep 2024 30% | Dec 2024 31% | Mar 2025 22% | Jun 2025 28% | Sep 2025 22% | Dec 2025 45% | Mar 2026 82% | Jun 2026 — - HESM: Sep 2021 52% | Dec 2021 63% | Mar 2022 63% | Jun 2022 62% | Sep 2022 61% | Dec 2022 62% | Mar 2023 62% | Jun 2023 61% | Sep 2023 61% | Dec 2023 59% | Mar 2024 62% | Jun 2024 61% | Sep 2024 61% | Dec 2024 61% | Mar 2025 62% | Jun 2025 63% | Sep 2025 62% | Dec 2025 62% | Mar 2026 61% | Jun 2026 — - KNTK: Sep 2021 9.6% | Dec 2021 2.5% | Mar 2022 7.4% | Jun 2022 12% | Sep 2022 14% | Dec 2022 15% | Mar 2023 9.7% | Jun 2023 13% | Sep 2023 12% | Dec 2023 16% | Mar 2024 7.6% | Jun 2024 16% | Sep 2024 18% | Dec 2024 6.1% | Mar 2025 4.3% | Jun 2025 18% | Sep 2025 4.3% | Dec 2025 11% | Mar 2026 -0.9% | Jun 2026 — - SOBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 33% | Dec 2023 28% | Mar 2024 41% | Jun 2024 34% | Sep 2024 31% | Dec 2024 35% | Mar 2025 36% | Jun 2025 36% | Sep 2025 32% | Dec 2025 41% | Mar 2026 33% | Jun 2026 — - PAGP: Sep 2021 -0.4% | Dec 2021 4.6% | Mar 2022 2.1% | Jun 2022 2.5% | Sep 2022 4.4% | Dec 2022 -0.3% | Mar 2023 3.8% | Jun 2023 3.2% | Sep 2023 1.9% | Dec 2023 3.7% | Mar 2024 3.1% | Jun 2024 2.6% | Sep 2024 1.6% | Dec 2024 -0.1% | Mar 2025 3.1% | Jun 2025 2.2% | Sep 2025 4.2% | Dec 2025 3.3% | Mar 2026 3.2% | Jun 2026 — - GLNG: Sep 2021 105% | Dec 2021 109% | Mar 2022 335% | Jun 2022 287% | Sep 2022 124% | Dec 2022 3.3% | Mar 2023 -59% | Jun 2023 -15% | Sep 2023 143% | Dec 2023 -32% | Mar 2024 82% | Jun 2024 45% | Sep 2024 -44% | Dec 2024 13% | Mar 2025 5.3% | Jun 2025 0.2% | Sep 2025 39% | Dec 2025 36% | Mar 2026 82% | Jun 2026 — - INSW: Sep 2021 -67% | Dec 2021 -16% | Mar 2022 0.0% | Jun 2022 44% | Sep 2022 54% | Dec 2022 69% | Mar 2023 57% | Jun 2023 58% | Sep 2023 47% | Dec 2023 39% | Mar 2024 56% | Jun 2024 39% | Sep 2024 33% | Dec 2024 32% | Mar 2025 32% | Jun 2025 24% | Sep 2025 26% | Dec 2025 46% | Mar 2026 90% | Jun 2026 — - CMBT: Sep 2021 -94% | Dec 2021 -49% | Mar 2022 -17% | Jun 2022 8.8% | Sep 2022 18% | Dec 2022 71% | Mar 2023 60% | Jun 2023 55% | Sep 2023 53% | Dec 2023 159% | Mar 2024 212% | Jun 2024 86% | Sep 2024 62% | Dec 2024 61% | Mar 2025 44% | Jun 2025 29% | Sep 2025 28% | Dec 2025 36% | Mar 2026 85% | Jun 2026 — - EE: Sep 2021 13% | Dec 2021 6.8% | Mar 2022 6.6% | Jun 2022 6.3% | Sep 2022 6.2% | Dec 2022 13% | Mar 2023 24% | Jun 2023 12% | Sep 2023 25% | Dec 2023 17% | Mar 2024 23% | Jun 2024 27% | Sep 2024 31% | Dec 2024 22% | Mar 2025 21% | Jun 2025 21% | Sep 2025 22% | Dec 2025 22% | Mar 2026 19% | Jun 2026 — - SUNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 5.8% | Jun 2025 — | Sep 2025 — | Dec 2025 2.0% | Mar 2026 8.1% | Jun 2026 — - STNG: Sep 2021 -34% | Dec 2021 -6.8% | Mar 2022 -27% | Jun 2022 57% | Sep 2022 62% | Dec 2022 63% | Mar 2023 60% | Jun 2023 52% | Sep 2023 49% | Dec 2023 48% | Mar 2024 63% | Jun 2024 67% | Sep 2024 64% | Dec 2024 47% | Mar 2025 28% | Jun 2025 34% | Sep 2025 34% | Dec 2025 53% | Mar 2026 70% | Jun 2026 — - BWLP: Sep 2021 25% | Dec 2021 19% | Mar 2022 23% | Jun 2022 14% | Sep 2022 16% | Dec 2022 17% | Mar 2023 15% | Jun 2023 18% | Sep 2023 18% | Dec 2023 21% | Mar 2024 15% | Jun 2024 10% | Sep 2024 17% | Dec 2024 5.6% | Mar 2025 2.6% | Jun 2025 5.6% | Sep 2025 7.4% | Dec 2025 19% | Mar 2026 26% | Jun 2026 — ### 20-quarter Margin change history - ENB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.1 pp | Sep 2022 +3.3 pp | Dec 2022 −20.8 pp | Mar 2023 +6.0 pp | Jun 2023 +11.0 pp | Sep 2023 +2.8 pp | Dec 2023 +20.3 pp | Mar 2024 +2.6 pp | Jun 2024 −2.4 pp | Sep 2024 −3.3 pp | Dec 2024 −1.2 pp | Mar 2025 −4.8 pp | Jun 2025 −4.7 pp | Sep 2025 +0.6 pp | Dec 2025 +0.8 pp | Mar 2026 −5.4 pp | Jun 2026 — - WMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.3 pp | Sep 2022 +12.8 pp | Dec 2022 +7.8 pp | Mar 2023 +18.2 pp | Jun 2023 +16.0 pp | Sep 2023 +11.7 pp | Dec 2023 +2.4 pp | Mar 2024 −7.6 pp | Jun 2024 −5.2 pp | Sep 2024 −7.2 pp | Dec 2024 −10.1 pp | Mar 2025 −0.6 pp | Jun 2025 +4.2 pp | Sep 2025 +6.3 pp | Dec 2025 +3.9 pp | Mar 2026 +7.7 pp | Jun 2026 — - EPD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.8 pp | Sep 2022 −2.9 pp | Dec 2022 +0.6 pp | Mar 2023 +1.1 pp | Jun 2023 +3.8 pp | Sep 2023 +3.0 pp | Dec 2023 +0.2 pp | Mar 2024 −1.6 pp | Jun 2024 −1.7 pp | Sep 2024 −1.2 pp | Dec 2024 +0.8 pp | Mar 2025 −0.9 pp | Jun 2025 +2.7 pp | Sep 2025 +1.1 pp | Dec 2025 +0.8 pp | Mar 2026 +1.8 pp | Jun 2026 — - TRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.8 pp | Sep 2022 −1.0 pp | Dec 2022 −2.8 pp | Mar 2023 +20.4 pp | Jun 2023 +1.8 pp | Sep 2023 +1.7 pp | Dec 2023 0.0 pp | Mar 2024 −2.1 pp | Jun 2024 −0.5 pp | Sep 2024 +0.5 pp | Dec 2024 −3.0 pp | Mar 2025 0.0 pp | Jun 2025 +2.4 pp | Sep 2025 +2.0 pp | Dec 2025 +4.9 pp | Mar 2026 +1.7 pp | Jun 2026 — - KMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +43.8 pp | Sep 2022 −4.1 pp | Dec 2022 +2.6 pp | Mar 2023 +6.8 pp | Jun 2023 +9.9 pp | Sep 2023 +6.0 pp | Dec 2023 +3.2 pp | Mar 2024 +1.1 pp | Jun 2024 −0.3 pp | Sep 2024 +3.4 pp | Dec 2024 +0.5 pp | Mar 2025 −4.8 pp | Jun 2025 −0.6 pp | Sep 2025 −1.8 pp | Dec 2025 +2.5 pp | Mar 2026 +2.9 pp | Jun 2026 — - ET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.5 pp | Sep 2022 0.0 pp | Dec 2022 −0.3 pp | Mar 2023 +1.9 pp | Jun 2023 +1.9 pp | Sep 2023 +2.2 pp | Dec 2023 +1.7 pp | Mar 2024 +0.1 pp | Jun 2024 +1.1 pp | Sep 2024 −0.3 pp | Dec 2024 +1.2 pp | Mar 2025 +0.9 pp | Jun 2025 +0.9 pp | Sep 2025 +0.3 pp | Dec 2025 −3.5 pp | Mar 2026 −1.2 pp | Jun 2026 — - MPLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.5 pp | Sep 2022 +9.2 pp | Dec 2022 0.0 pp | Mar 2023 +2.9 pp | Jun 2023 +4.9 pp | Sep 2023 −11.2 pp | Dec 2023 +6.8 pp | Mar 2024 −0.5 pp | Jun 2024 −0.4 pp | Sep 2024 +3.8 pp | Dec 2024 −2.8 pp | Mar 2025 −0.5 pp | Jun 2025 −0.5 pp | Sep 2025 −1.5 pp | Dec 2025 +2.4 pp | Mar 2026 −4.1 pp | Jun 2026 — - TRGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.3 pp | Sep 2022 −0.2 pp | Dec 2022 +13.8 pp | Mar 2023 +12.5 pp | Jun 2023 +11.6 pp | Sep 2023 +5.0 pp | Dec 2023 +2.9 pp | Mar 2024 −4.5 pp | Jun 2024 −1.5 pp | Sep 2024 +5.9 pp | Dec 2024 +0.9 pp | Mar 2025 −2.1 pp | Jun 2025 +6.7 pp | Sep 2025 +1.3 pp | Dec 2025 +6.7 pp | Mar 2026 +8.8 pp | Jun 2026 — - OKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.5 pp | Sep 2022 −2.9 pp | Dec 2022 +3.0 pp | Mar 2023 +20.9 pp | Jun 2023 +8.2 pp | Sep 2023 +5.8 pp | Dec 2023 +6.0 pp | Mar 2024 −10.8 pp | Jun 2024 +5.4 pp | Sep 2024 +4.9 pp | Dec 2024 +1.4 pp | Mar 2025 −7.1 pp | Jun 2025 −7.0 pp | Sep 2025 −4.5 pp | Dec 2025 −5.5 pp | Mar 2026 −0.4 pp | Jun 2026 — - LNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +13.6 pp | Sep 2022 +39.3 pp | Dec 2022 +67.2 pp | Mar 2023 +117.5 pp | Jun 2023 +37.9 pp | Sep 2023 +100.3 pp | Dec 2023 −23.4 pp | Mar 2024 −82.2 pp | Jun 2024 −7.5 pp | Sep 2024 −22.4 pp | Dec 2024 −11.3 pp | Mar 2025 −9.4 pp | Jun 2025 +5.7 pp | Sep 2025 −2.9 pp | Dec 2025 +30.6 pp | Mar 2026 −77.1 pp | Jun 2026 — - CQP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −18.7 pp | Sep 2022 −32.5 pp | Dec 2022 +36.4 pp | Mar 2023 +62.1 pp | Jun 2023 +29.0 pp | Sep 2023 +52.4 pp | Dec 2023 −17.5 pp | Mar 2024 −34.9 pp | Jun 2024 −1.9 pp | Sep 2024 −6.2 pp | Dec 2024 −8.0 pp | Mar 2025 −10.5 pp | Jun 2025 −11.3 pp | Sep 2025 −11.2 pp | Dec 2025 +17.5 pp | Mar 2026 −17.6 pp | Jun 2026 — - VG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −8.9 pp | Dec 2024 −6.2 pp | Mar 2025 −6.3 pp | Jun 2025 +0.7 pp | Sep 2025 +19.3 pp | Dec 2025 −0.3 pp | Mar 2026 −12.3 pp | Jun 2026 — - PBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.6 pp | Sep 2022 +24.7 pp | Dec 2022 +7.0 pp | Mar 2023 +11.8 pp | Jun 2023 +19.2 pp | Sep 2023 −28.4 pp | Dec 2023 +34.3 pp | Mar 2024 +5.2 pp | Jun 2024 −33.7 pp | Sep 2024 −5.5 pp | Dec 2024 −8.4 pp | Mar 2025 −6.8 pp | Jun 2025 +32.1 pp | Sep 2025 −3.0 pp | Dec 2025 −1.3 pp | Mar 2026 +2.7 pp | Jun 2026 — - WES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.3 pp | Sep 2022 −7.6 pp | Dec 2022 +9.7 pp | Mar 2023 −13.9 pp | Jun 2023 +0.3 pp | Sep 2023 +3.9 pp | Dec 2023 −9.3 pp | Mar 2024 +37.0 pp | Jun 2024 +6.3 pp | Sep 2024 −1.7 pp | Dec 2024 +0.2 pp | Mar 2025 −31.8 pp | Jun 2025 −4.7 pp | Sep 2025 +1.6 pp | Dec 2025 −16.3 pp | Mar 2026 −2.9 pp | Jun 2026 — - PAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.9 pp | Sep 2022 +4.8 pp | Dec 2022 −4.9 pp | Mar 2023 +1.7 pp | Jun 2023 +0.8 pp | Sep 2023 −2.5 pp | Dec 2023 +4.1 pp | Mar 2024 −0.7 pp | Jun 2024 −0.7 pp | Sep 2024 −0.3 pp | Dec 2024 −3.9 pp | Mar 2025 0.0 pp | Jun 2025 −0.4 pp | Sep 2025 +2.6 pp | Dec 2025 +3.5 pp | Mar 2026 +0.1 pp | Jun 2026 — - VNOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +9.2 pp | Sep 2022 +6.1 pp | Dec 2022 +2.0 pp | Mar 2023 −6.2 pp | Jun 2023 −9.5 pp | Sep 2023 +4.6 pp | Dec 2023 −8.5 pp | Mar 2024 −4.6 pp | Jun 2024 −1.2 pp | Sep 2024 −18.3 pp | Dec 2024 −6.7 pp | Mar 2025 −4.5 pp | Jun 2025 −23.0 pp | Sep 2025 −106.6 pp | Dec 2025 −121.3 pp | Mar 2026 −13.8 pp | Jun 2026 — - DTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +19.1 pp | Sep 2022 +1.5 pp | Dec 2022 −1.6 pp | Mar 2023 +1.6 pp | Jun 2023 −8.2 pp | Sep 2023 +1.5 pp | Dec 2023 +1.5 pp | Mar 2024 +1.7 pp | Jun 2024 +1.1 pp | Sep 2024 −3.8 pp | Dec 2024 −3.8 pp | Mar 2025 −2.9 pp | Jun 2025 −3.1 pp | Sep 2025 +0.2 pp | Dec 2025 +3.8 pp | Mar 2026 +0.6 pp | Jun 2026 — - AM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.9 pp | Sep 2022 −3.5 pp | Dec 2022 +0.3 pp | Mar 2023 −1.9 pp | Jun 2023 +0.2 pp | Sep 2023 +1.9 pp | Dec 2023 +0.1 pp | Mar 2024 +2.4 pp | Jun 2024 +0.3 pp | Sep 2024 −1.3 pp | Dec 2024 +2.0 pp | Mar 2025 +1.3 pp | Jun 2025 +4.4 pp | Sep 2025 +1.0 pp | Dec 2025 −28.0 pp | Mar 2026 −0.9 pp | Jun 2026 — - FRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +29.2 pp | Sep 2022 +40.6 pp | Dec 2022 +37.7 pp | Mar 2023 +38.9 pp | Jun 2023 +27.0 pp | Sep 2023 +1.0 pp | Dec 2023 −13.0 pp | Mar 2024 −5.0 pp | Jun 2024 −3.3 pp | Sep 2024 −0.9 pp | Dec 2024 −2.8 pp | Mar 2025 −21.6 pp | Jun 2025 −18.5 pp | Sep 2025 −7.3 pp | Dec 2025 +14.0 pp | Mar 2026 +60.1 pp | Jun 2026 — - HESM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.7 pp | Sep 2022 +8.5 pp | Dec 2022 −0.8 pp | Mar 2023 −0.7 pp | Jun 2023 −1.2 pp | Sep 2023 −0.3 pp | Dec 2023 −3.5 pp | Mar 2024 +0.5 pp | Jun 2024 −0.3 pp | Sep 2024 +0.6 pp | Dec 2024 +2.5 pp | Mar 2025 −0.3 pp | Jun 2025 +2.0 pp | Sep 2025 +0.3 pp | Dec 2025 +0.8 pp | Mar 2026 −1.1 pp | Jun 2026 — - KNTK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +11.6 pp | Sep 2022 +4.5 pp | Dec 2022 +12.7 pp | Mar 2023 +2.3 pp | Jun 2023 +0.5 pp | Sep 2023 −2.5 pp | Dec 2023 +0.9 pp | Mar 2024 −2.1 pp | Jun 2024 +3.1 pp | Sep 2024 +6.8 pp | Dec 2024 −10.0 pp | Mar 2025 −3.3 pp | Jun 2025 +2.5 pp | Sep 2025 −14.1 pp | Dec 2025 +5.1 pp | Mar 2026 −5.2 pp | Jun 2026 — - SOBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −1.8 pp | Dec 2024 +7.3 pp | Mar 2025 −4.9 pp | Jun 2025 +1.9 pp | Sep 2025 +0.8 pp | Dec 2025 +5.4 pp | Mar 2026 −3.1 pp | Jun 2026 — - PAGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.9 pp | Sep 2022 +4.8 pp | Dec 2022 −4.9 pp | Mar 2023 +1.7 pp | Jun 2023 +0.7 pp | Sep 2023 −2.5 pp | Dec 2023 +4.0 pp | Mar 2024 −0.7 pp | Jun 2024 −0.6 pp | Sep 2024 −0.3 pp | Dec 2024 −3.8 pp | Mar 2025 0.0 pp | Jun 2025 −0.4 pp | Sep 2025 +2.6 pp | Dec 2025 +3.4 pp | Mar 2026 +0.1 pp | Jun 2026 — - GLNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +180.8 pp | Sep 2022 +18.9 pp | Dec 2022 −105.7 pp | Mar 2023 −393.2 pp | Jun 2023 −302.0 pp | Sep 2023 +18.7 pp | Dec 2023 −35.2 pp | Mar 2024 +140.7 pp | Jun 2024 +59.3 pp | Sep 2024 −186.4 pp | Dec 2024 +44.5 pp | Mar 2025 −76.7 pp | Jun 2025 −44.5 pp | Sep 2025 +83.1 pp | Dec 2025 +23.5 pp | Mar 2026 +76.5 pp | Jun 2026 — - INSW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +69.7 pp | Sep 2022 +121.5 pp | Dec 2022 +84.4 pp | Mar 2023 +57.0 pp | Jun 2023 +14.0 pp | Sep 2023 −6.9 pp | Dec 2023 −30.2 pp | Mar 2024 −0.8 pp | Jun 2024 −19.2 pp | Sep 2024 −14.5 pp | Dec 2024 −6.5 pp | Mar 2025 −23.9 pp | Jun 2025 −14.5 pp | Sep 2025 −6.6 pp | Dec 2025 +13.8 pp | Mar 2026 +57.6 pp | Jun 2026 — - CMBT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +83.6 pp | Sep 2022 +112.5 pp | Dec 2022 +119.2 pp | Mar 2023 +76.2 pp | Jun 2023 +46.6 pp | Sep 2023 +35.0 pp | Dec 2023 +88.2 pp | Mar 2024 +152.6 pp | Jun 2024 +30.9 pp | Sep 2024 +8.6 pp | Dec 2024 −97.7 pp | Mar 2025 −168.4 pp | Jun 2025 −57.0 pp | Sep 2025 −33.4 pp | Dec 2025 −25.1 pp | Mar 2026 +40.9 pp | Jun 2026 — - EE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.1 pp | Sep 2022 −7.2 pp | Dec 2022 +6.0 pp | Mar 2023 +16.9 pp | Jun 2023 +6.1 pp | Sep 2023 +18.3 pp | Dec 2023 +3.8 pp | Mar 2024 −0.9 pp | Jun 2024 +14.8 pp | Sep 2024 +6.4 pp | Dec 2024 +5.3 pp | Mar 2025 −1.7 pp | Jun 2025 −6.0 pp | Sep 2025 −8.6 pp | Dec 2025 +0.3 pp | Mar 2026 −2.0 pp | Jun 2026 — - SUNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +2.3 pp | Jun 2026 — - STNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +67.7 pp | Sep 2022 +96.3 pp | Dec 2022 +69.4 pp | Mar 2023 +87.1 pp | Jun 2023 −4.8 pp | Sep 2023 −13.8 pp | Dec 2023 −14.5 pp | Mar 2024 +2.4 pp | Jun 2024 +14.8 pp | Sep 2024 +15.2 pp | Dec 2024 −1.6 pp | Mar 2025 −34.4 pp | Jun 2025 −32.4 pp | Sep 2025 −29.6 pp | Dec 2025 +6.2 pp | Mar 2026 +42.0 pp | Jun 2026 — - BWLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −10.2 pp | Sep 2022 −8.7 pp | Dec 2022 −2.0 pp | Mar 2023 −7.4 pp | Jun 2023 +3.8 pp | Sep 2023 +1.6 pp | Dec 2023 +3.9 pp | Mar 2024 −0.2 pp | Jun 2024 −7.4 pp | Sep 2024 −0.7 pp | Dec 2024 −15.0 pp | Mar 2025 −12.6 pp | Jun 2025 −4.6 pp | Sep 2025 −9.9 pp | Dec 2025 +13.6 pp | Mar 2026 +23.6 pp | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: Enbridge Inc. leads with $7,077 million of TTM profit, 18.6% above Enterprise Products Partners L.P.. Frontline plc shows ≥100% on the scoring scale (160.1% uncapped) growth from a $905 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Enbridge Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: Enbridge Inc. · $7,077 million | 18.6% versus #2 · Enterprise Products Partners L.P. | 4/8 recent comparable periods | 28/30 companies · 538 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. Enbridge Inc. (ENB): ₹7.1K Cr 2. Enterprise Products Partners L.P. (EPD): ₹6.0K Cr 3. Energy Transfer LP (ET): ₹6.0K Cr 4. MPLX LP (MPLX): ₹4.7K Cr 5. TC Energy Corporation (TRP): ₹4.1K Cr ### Profit growth — fastest growers 1. Frontline plc (FRO): 100% 2. Golar LNG Limited (GLNG): 100% 3. Kinetik Holdings Inc. (KNTK): 100% 4. Venture Global, Inc. (VG): 82% 5. International Seaways, Inc. (INSW): 69% ### 20-quarter Net profit history - ENB: Sep 2021 ₹814 Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹607 Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹-1.1K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹623 Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹618 Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹847 Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 — - WMB: Sep 2021 ₹173 Cr | Dec 2021 ₹632 Cr | Mar 2022 ₹392 Cr | Jun 2022 ₹407 Cr | Sep 2022 ₹621 Cr | Dec 2022 ₹697 Cr | Mar 2023 ₹957 Cr | Jun 2023 ₹494 Cr | Sep 2023 ₹684 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹662 Cr | Jun 2024 ₹426 Cr | Sep 2024 ₹741 Cr | Dec 2024 ₹517 Cr | Mar 2025 ₹729 Cr | Jun 2025 ₹583 Cr | Sep 2025 ₹683 Cr | Dec 2025 ₹773 Cr | Mar 2026 ₹912 Cr | Jun 2026 — - EPD: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - TRP: Sep 2021 ₹818 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹400 Cr | Jun 2022 ₹931 Cr | Sep 2022 ₹870 Cr | Dec 2022 ₹-1.4K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹279 Cr | Sep 2023 ₹-173 Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹973 Cr | Sep 2025 ₹764 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - KMI: Sep 2021 ₹511 Cr | Dec 2021 ₹654 Cr | Mar 2022 ₹684 Cr | Jun 2022 ₹653 Cr | Sep 2022 ₹595 Cr | Dec 2022 ₹693 Cr | Mar 2023 ₹703 Cr | Jun 2023 ₹610 Cr | Sep 2023 ₹555 Cr | Dec 2023 ₹618 Cr | Mar 2024 ₹773 Cr | Jun 2024 ₹602 Cr | Sep 2024 ₹651 Cr | Dec 2024 ₹694 Cr | Mar 2025 ₹743 Cr | Jun 2025 ₹742 Cr | Sep 2025 ₹654 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - ET: Sep 2021 ₹907 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 — - MPLX: Sep 2021 ₹811 Cr | Dec 2021 ₹838 Cr | Mar 2022 ₹833 Cr | Jun 2022 ₹884 Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹824 Cr | Mar 2023 ₹952 Cr | Jun 2023 ₹942 Cr | Sep 2023 ₹928 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹922 Cr | Jun 2026 — - TRGP: Sep 2021 ₹288 Cr | Dec 2021 ₹-249 Cr | Mar 2022 ₹169 Cr | Jun 2022 ₹688 Cr | Sep 2022 ₹279 Cr | Dec 2022 ₹396 Cr | Mar 2023 ₹555 Cr | Jun 2023 ₹388 Cr | Sep 2023 ₹279 Cr | Dec 2023 ₹358 Cr | Mar 2024 ₹333 Cr | Jun 2024 ₹359 Cr | Sep 2024 ₹448 Cr | Dec 2024 ₹414 Cr | Mar 2025 ₹280 Cr | Jun 2025 ₹637 Cr | Sep 2025 ₹487 Cr | Dec 2025 ₹553 Cr | Mar 2026 ₹487 Cr | Jun 2026 — - OKE: Sep 2021 ₹392 Cr | Dec 2021 ₹380 Cr | Mar 2022 ₹391 Cr | Jun 2022 ₹414 Cr | Sep 2022 ₹432 Cr | Dec 2022 ₹485 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹468 Cr | Sep 2023 ₹454 Cr | Dec 2023 ₹688 Cr | Mar 2024 ₹639 Cr | Jun 2024 ₹780 Cr | Sep 2024 ₹693 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹691 Cr | Jun 2025 ₹853 Cr | Sep 2025 ₹940 Cr | Dec 2025 ₹978 Cr | Mar 2026 ₹776 Cr | Jun 2026 — - LNG: Sep 2021 ₹-916 Cr | Dec 2021 ₹-1.1K Cr | Mar 2022 ₹-781 Cr | Jun 2022 ₹913 Cr | Sep 2022 ₹-2.6K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹6.4K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹839 Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹668 Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹-3.4K Cr | Jun 2026 — - CQP: Sep 2021 ₹381 Cr | Dec 2021 ₹507 Cr | Mar 2022 ₹159 Cr | Jun 2022 ₹342 Cr | Sep 2022 ₹-514 Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹622 Cr | Sep 2023 ₹791 Cr | Dec 2023 ₹906 Cr | Mar 2024 ₹682 Cr | Jun 2024 ₹570 Cr | Sep 2024 ₹635 Cr | Dec 2024 ₹623 Cr | Mar 2025 ₹641 Cr | Jun 2025 ₹553 Cr | Sep 2025 ₹506 Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹186 Cr | Jun 2026 — - VG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹781 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹698 Cr | Jun 2024 ₹352 Cr | Sep 2024 ₹-294 Cr | Dec 2024 ₹990 Cr | Mar 2025 ₹517 Cr | Jun 2025 ₹475 Cr | Sep 2025 ₹550 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹625 Cr | Jun 2026 — - PBA: Sep 2021 ₹588 Cr | Dec 2021 ₹80 Cr | Mar 2022 ₹481 Cr | Jun 2022 ₹418 Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹243 Cr | Mar 2023 ₹369 Cr | Jun 2023 ₹363 Cr | Sep 2023 ₹346 Cr | Dec 2023 ₹698 Cr | Mar 2024 ₹438 Cr | Jun 2024 ₹479 Cr | Sep 2024 ₹385 Cr | Dec 2024 ₹572 Cr | Mar 2025 ₹502 Cr | Jun 2025 ₹417 Cr | Sep 2025 ₹286 Cr | Dec 2025 ₹489 Cr | Mar 2026 ₹498 Cr | Jun 2026 — - WES: Sep 2021 ₹264 Cr | Dec 2021 ₹251 Cr | Mar 2022 ₹318 Cr | Jun 2022 ₹315 Cr | Sep 2022 ₹274 Cr | Dec 2022 ₹345 Cr | Mar 2023 ₹208 Cr | Jun 2023 ₹260 Cr | Sep 2023 ₹284 Cr | Dec 2023 ₹296 Cr | Mar 2024 ₹586 Cr | Jun 2024 ₹388 Cr | Sep 2024 ₹296 Cr | Dec 2024 ₹342 Cr | Mar 2025 ₹317 Cr | Jun 2025 ₹351 Cr | Sep 2025 ₹349 Cr | Dec 2025 ₹196 Cr | Mar 2026 ₹359 Cr | Jun 2026 — - PAA: Sep 2021 ₹-55 Cr | Dec 2021 ₹496 Cr | Mar 2022 ₹225 Cr | Jun 2022 ₹251 Cr | Sep 2022 ₹442 Cr | Dec 2022 ₹310 Cr | Mar 2023 ₹475 Cr | Jun 2023 ₹349 Cr | Sep 2023 ₹279 Cr | Dec 2023 ₹399 Cr | Mar 2024 ₹351 Cr | Jun 2024 ₹298 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹380 Cr | Jun 2025 ₹227 Cr | Sep 2025 ₹453 Cr | Dec 2025 ₹325 Cr | Mar 2026 ₹334 Cr | Jun 2026 — - VNOM: Sep 2021 ₹73 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹128 Cr | Jun 2022 ₹172 Cr | Sep 2022 ₹210 Cr | Dec 2022 ₹145 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹207 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹123 Cr | Sep 2024 ₹109 Cr | Dec 2024 ₹273 Cr | Mar 2025 ₹153 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹-197 Cr | Dec 2025 ₹-246 Cr | Mar 2026 ₹215 Cr | Jun 2026 — - DTM: Sep 2021 ₹77 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹94 Cr | Sep 2022 ₹116 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹124 Cr | Mar 2024 ₹100 Cr | Jun 2024 ₹100 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹111 Cr | Jun 2025 ₹111 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹114 Cr | Mar 2026 ₹134 Cr | Jun 2026 — - AM: Sep 2021 ₹89 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹84 Cr | Dec 2022 ₹83 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹100 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹100 Cr | Dec 2024 ₹111 Cr | Mar 2025 ₹121 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹116 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹118 Cr | Jun 2026 — - FRO: Sep 2021 ₹-33 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹51 Cr | Sep 2022 ₹156 Cr | Dec 2022 ₹239 Cr | Mar 2023 ₹200 Cr | Jun 2023 ₹231 Cr | Sep 2023 ₹108 Cr | Dec 2023 ₹118 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹188 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹228 Cr | Mar 2026 ₹559 Cr | Jun 2026 — - HESM: Sep 2021 ₹131 Cr | Dec 2021 ₹165 Cr | Mar 2022 ₹160 Cr | Jun 2022 ₹152 Cr | Sep 2022 ₹159 Cr | Dec 2022 ₹150 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹148 Cr | Sep 2023 ₹165 Cr | Dec 2023 ₹153 Cr | Mar 2024 ₹162 Cr | Jun 2024 ₹160 Cr | Sep 2024 ₹165 Cr | Dec 2024 ₹172 Cr | Mar 2025 ₹161 Cr | Jun 2025 ₹180 Cr | Sep 2025 ₹176 Cr | Dec 2025 ₹168 Cr | Mar 2026 ₹158 Cr | Jun 2026 — - KNTK: Sep 2021 ₹5 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹131 Cr | Sep 2022 ₹49 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹72 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹267 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹109 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹417 Cr | Mar 2026 ₹-5 Cr | Jun 2026 — - SOBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹89 Cr | Dec 2023 ₹107 Cr | Mar 2024 ₹112 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹93 Cr | Dec 2025 ₹156 Cr | Mar 2026 ₹77 Cr | Jun 2026 — - PAGP: Sep 2021 ₹-50 Cr | Dec 2021 ₹470 Cr | Mar 2022 ₹209 Cr | Jun 2022 ₹239 Cr | Sep 2022 ₹420 Cr | Dec 2022 ₹295 Cr | Mar 2023 ₹443 Cr | Jun 2023 ₹333 Cr | Sep 2023 ₹268 Cr | Dec 2023 ₹381 Cr | Mar 2024 ₹336 Cr | Jun 2024 ₹-32 Cr | Sep 2024 ₹-114 Cr | Dec 2024 ₹-75 Cr | Mar 2025 ₹-136 Cr | Jun 2025 ₹-70 Cr | Sep 2025 ₹-76 Cr | Dec 2025 ₹-102 Cr | Mar 2026 ₹103 Cr | Jun 2026 — - GLNG: Sep 2021 ₹-56 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹410 Cr | Jun 2022 ₹287 Cr | Sep 2022 ₹175 Cr | Dec 2022 ₹67 Cr | Mar 2023 ₹-93 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹114 Cr | Dec 2023 ₹-31 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹-36 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹102 Cr | Jun 2026 — - INSW: Sep 2021 ₹-68 Cr | Dec 2021 ₹-35 Cr | Mar 2022 ₹-13 Cr | Jun 2022 ₹69 Cr | Sep 2022 ₹113 Cr | Dec 2022 ₹218 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹154 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹132 Cr | Mar 2024 ₹144 Cr | Jun 2024 ₹145 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹286 Cr | Jun 2026 — - CMBT: Sep 2021 ₹-106 Cr | Dec 2021 ₹-72 Cr | Mar 2022 ₹-43 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹235 Cr | Mar 2023 ₹175 Cr | Jun 2023 ₹162 Cr | Sep 2023 ₹115 Cr | Dec 2023 ₹407 Cr | Mar 2024 ₹495 Cr | Jun 2024 ₹184 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹369 Cr | Jun 2026 — - EE: Sep 2021 ₹1 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹50 Cr | Jun 2026 — - SUNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹207 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹32 Cr | Mar 2026 ₹110 Cr | Jun 2026 — - STNG: Sep 2021 ₹-73 Cr | Dec 2021 ₹-46 Cr | Mar 2022 ₹-84 Cr | Jun 2022 ₹191 Cr | Sep 2022 ₹266 Cr | Dec 2022 ₹264 Cr | Mar 2023 ₹193 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹100 Cr | Dec 2023 ₹121 Cr | Mar 2024 ₹214 Cr | Jun 2024 ₹227 Cr | Sep 2024 ₹159 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹58 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹216 Cr | Jun 2026 — - BWLP: Sep 2021 ₹29 Cr | Dec 2021 ₹63 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹131 Cr | Jun 2023 ₹78 Cr | Sep 2023 ₹122 Cr | Dec 2023 ₹162 Cr | Mar 2024 ₹150 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹123 Cr | Mar 2026 ₹187 Cr | Jun 2026 — ### 20-quarter Profit growth history - ENB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -60% | Sep 2022 70% | Dec 2022 -156% | Mar 2023 -9.3% | Jun 2023 230% | Sep 2023 -55% | Dec 2023 — | Mar 2024 -16% | Jun 2024 0.0% | Sep 2024 132% | Dec 2024 -61% | Mar 2025 59% | Jun 2025 16% | Sep 2025 -41% | Dec 2025 245% | Mar 2026 -29% | Jun 2026 — - WMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 259% | Dec 2022 10% | Mar 2023 144% | Jun 2023 21% | Sep 2023 10% | Dec 2023 68% | Mar 2024 -31% | Jun 2024 -14% | Sep 2024 8.3% | Dec 2024 -56% | Mar 2025 10% | Jun 2025 37% | Sep 2025 -7.8% | Dec 2025 50% | Mar 2026 25% | Jun 2026 — - EPD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 18% | Dec 2022 36% | Mar 2023 6.8% | Jun 2023 -11% | Sep 2023 -3.0% | Dec 2023 10% | Mar 2024 4.3% | Jun 2024 11% | Sep 2024 6.1% | Dec 2024 1.9% | Mar 2025 -5.2% | Jun 2025 2.3% | Sep 2025 -5.3% | Dec 2025 1.7% | Mar 2026 6.4% | Jun 2026 — - TRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.7% | Sep 2022 6.4% | Dec 2022 -222% | Mar 2023 237% | Jun 2023 -70% | Sep 2023 -120% | Dec 2023 — | Mar 2024 3.7% | Jun 2024 312% | Sep 2024 — | Dec 2024 -27% | Mar 2025 -16% | Jun 2025 -15% | Sep 2025 -54% | Dec 2025 0.0% | Mar 2026 -2.0% | Jun 2026 — - KMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 16% | Dec 2022 6.0% | Mar 2023 2.8% | Jun 2023 -6.6% | Sep 2023 -6.7% | Dec 2023 -11% | Mar 2024 10.0% | Jun 2024 -1.3% | Sep 2024 17% | Dec 2024 12% | Mar 2025 -3.9% | Jun 2025 23% | Sep 2025 0.5% | Dec 2025 47% | Mar 2026 35% | Jun 2026 — - ET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 79% | Sep 2022 46% | Dec 2022 17% | Mar 2023 -2.7% | Jun 2023 -24% | Sep 2023 -21% | Dec 2023 9.1% | Mar 2024 17% | Jun 2024 62% | Sep 2024 37% | Dec 2024 -7.7% | Mar 2025 1.7% | Jun 2025 -27% | Sep 2025 -9.9% | Dec 2025 -14% | Mar 2026 15% | Jun 2026 — - MPLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 77% | Dec 2022 -1.7% | Mar 2023 14% | Jun 2023 6.6% | Sep 2023 -35% | Dec 2023 39% | Mar 2024 6.6% | Jun 2024 26% | Sep 2024 13% | Dec 2024 -3.1% | Mar 2025 12% | Jun 2025 -11% | Sep 2025 49% | Dec 2025 8.5% | Mar 2026 -19% | Jun 2026 — - TRGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 344% | Sep 2022 -3.1% | Dec 2022 — | Mar 2023 228% | Jun 2023 -44% | Sep 2023 0.0% | Dec 2023 -9.6% | Mar 2024 -40% | Jun 2024 -7.5% | Sep 2024 61% | Dec 2024 16% | Mar 2025 -16% | Jun 2025 77% | Sep 2025 8.7% | Dec 2025 34% | Mar 2026 74% | Jun 2026 — - OKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 10% | Dec 2022 28% | Mar 2023 168% | Jun 2023 13% | Sep 2023 5.1% | Dec 2023 42% | Mar 2024 -39% | Jun 2024 67% | Sep 2024 53% | Dec 2024 45% | Mar 2025 8.1% | Jun 2025 9.4% | Sep 2025 36% | Dec 2025 -2.2% | Mar 2026 12% | Jun 2026 — - LNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 87% | Sep 2023 — | Dec 2023 -65% | Mar 2024 -87% | Jun 2024 -32% | Sep 2024 -42% | Dec 2024 -30% | Mar 2025 -20% | Jun 2025 63% | Sep 2025 7.4% | Dec 2025 128% | Mar 2026 -611% | Jun 2026 — - CQP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 -235% | Dec 2022 395% | Mar 2023 1,117% | Jun 2023 82% | Sep 2023 — | Dec 2023 -64% | Mar 2024 -65% | Jun 2024 -8.4% | Sep 2024 -20% | Dec 2024 -31% | Mar 2025 -6.0% | Jun 2025 -3.0% | Sep 2025 -20% | Dec 2025 107% | Mar 2026 -71% | Jun 2026 — - VG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -138% | Dec 2024 — | Mar 2025 -26% | Jun 2025 35% | Sep 2025 — | Dec 2025 20% | Mar 2026 21% | Jun 2026 — - PBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 65% | Sep 2022 211% | Dec 2022 204% | Mar 2023 -23% | Jun 2023 -13% | Sep 2023 -81% | Dec 2023 187% | Mar 2024 19% | Jun 2024 32% | Sep 2024 11% | Dec 2024 -18% | Mar 2025 15% | Jun 2025 -13% | Sep 2025 -26% | Dec 2025 -15% | Mar 2026 -0.8% | Jun 2026 — - WES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 3.8% | Dec 2022 37% | Mar 2023 -35% | Jun 2023 -17% | Sep 2023 3.7% | Dec 2023 -14% | Mar 2024 182% | Jun 2024 49% | Sep 2024 4.2% | Dec 2024 16% | Mar 2025 -46% | Jun 2025 -9.5% | Sep 2025 18% | Dec 2025 -43% | Mar 2026 13% | Jun 2026 — - PAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -38% | Mar 2023 111% | Jun 2023 39% | Sep 2023 -37% | Dec 2023 29% | Mar 2024 -26% | Jun 2024 -15% | Sep 2024 -29% | Dec 2024 -89% | Mar 2025 8.3% | Jun 2025 -24% | Sep 2025 129% | Dec 2025 622% | Mar 2026 -12% | Jun 2026 — - VNOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 310% | Sep 2022 188% | Dec 2022 24% | Mar 2023 -31% | Jun 2023 -53% | Sep 2023 -1.4% | Dec 2023 -13% | Mar 2024 13% | Jun 2024 54% | Sep 2024 -47% | Dec 2024 117% | Mar 2025 55% | Jun 2025 -32% | Sep 2025 -281% | Dec 2025 -190% | Mar 2026 41% | Jun 2026 — - DTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 51% | Dec 2022 -1.1% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 -19% | Dec 2023 41% | Mar 2024 19% | Jun 2024 6.4% | Sep 2024 -3.2% | Dec 2024 -39% | Mar 2025 11% | Jun 2025 11% | Sep 2025 30% | Dec 2025 50% | Mar 2026 21% | Jun 2026 — - AM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.3% | Sep 2022 -5.6% | Dec 2022 5.1% | Mar 2023 8.8% | Jun 2023 10% | Sep 2023 17% | Dec 2023 20% | Mar 2024 20% | Jun 2024 -1.2% | Sep 2024 2.0% | Dec 2024 11% | Mar 2025 16% | Jun 2025 45% | Sep 2025 16% | Dec 2025 -53% | Mar 2026 -2.5% | Jun 2026 — - FRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1,095% | Mar 2023 590% | Jun 2023 353% | Sep 2023 -31% | Dec 2023 -51% | Mar 2024 -9.5% | Jun 2024 -19% | Sep 2024 -44% | Dec 2024 -43% | Mar 2025 -82% | Jun 2025 -59% | Sep 2025 -33% | Dec 2025 240% | Mar 2026 1,594% | Jun 2026 — - HESM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.2% | Sep 2022 21% | Dec 2022 -9.1% | Mar 2023 -11% | Jun 2023 -2.6% | Sep 2023 3.8% | Dec 2023 2.0% | Mar 2024 14% | Jun 2024 8.1% | Sep 2024 0.0% | Dec 2024 12% | Mar 2025 -0.6% | Jun 2025 13% | Sep 2025 6.7% | Dec 2025 -2.3% | Mar 2026 -1.9% | Jun 2026 — - KNTK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 880% | Dec 2022 — | Mar 2023 -81% | Jun 2023 -45% | Sep 2023 -12% | Dec 2023 456% | Mar 2024 775% | Jun 2024 51% | Sep 2024 95% | Dec 2024 -94% | Mar 2025 -46% | Jun 2025 -32% | Sep 2025 -81% | Dec 2025 2,506% | Mar 2026 -126% | Jun 2026 — - SOBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -31% | Dec 2024 -49% | Mar 2025 -21% | Jun 2025 9.1% | Sep 2025 52% | Dec 2025 184% | Mar 2026 -13% | Jun 2026 — - PAGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -37% | Mar 2023 112% | Jun 2023 39% | Sep 2023 -36% | Dec 2023 29% | Mar 2024 -24% | Jun 2024 -110% | Sep 2024 -143% | Dec 2024 -120% | Mar 2025 -140% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - GLNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -43% | Sep 2022 — | Dec 2022 46% | Mar 2023 -123% | Jun 2023 -98% | Sep 2023 -35% | Dec 2023 -146% | Mar 2024 — | Jun 2024 400% | Sep 2024 -132% | Dec 2024 — | Mar 2025 -80% | Jun 2025 -11% | Sep 2025 — | Dec 2025 53% | Mar 2026 685% | Jun 2026 — - INSW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 123% | Sep 2023 -13% | Dec 2023 -39% | Mar 2024 -17% | Jun 2024 -5.8% | Sep 2024 -6.1% | Dec 2024 -73% | Mar 2025 -65% | Jun 2025 -57% | Sep 2025 -23% | Dec 2025 256% | Mar 2026 472% | Jun 2026 — - CMBT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 619% | Dec 2023 73% | Mar 2024 183% | Jun 2024 14% | Sep 2024 -15% | Dec 2024 -77% | Mar 2025 -92% | Jun 2025 -104% | Sep 2025 -83% | Dec 2025 -4.3% | Mar 2026 823% | Jun 2026 — - EE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -200% | Sep 2022 3,600% | Dec 2022 — | Mar 2023 138% | Jun 2023 — | Sep 2023 27% | Dec 2023 -41% | Mar 2024 -9.7% | Jun 2024 10% | Sep 2024 -2.1% | Dec 2024 130% | Mar 2025 86% | Jun 2025 -36% | Sep 2025 20% | Dec 2025 -15% | Mar 2026 -3.9% | Jun 2026 — - SUNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -47% | Jun 2026 — - STNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -31% | Sep 2023 -62% | Dec 2023 -54% | Mar 2024 11% | Jun 2024 72% | Sep 2024 59% | Dec 2024 -43% | Mar 2025 -73% | Jun 2025 -67% | Sep 2025 -47% | Dec 2025 86% | Mar 2026 272% | Jun 2026 — - BWLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 70% | Sep 2022 59% | Dec 2022 51% | Mar 2023 126% | Jun 2023 100% | Sep 2023 165% | Dec 2023 71% | Mar 2024 15% | Jun 2024 9.0% | Sep 2024 -1.6% | Dec 2024 -75% | Mar 2025 -55% | Jun 2025 -49% | Sep 2025 -53% | Dec 2025 208% | Mar 2026 179% | Jun 2026 — ## Capacity Spending & Returns On It What the numbers say: Venture Global, Inc. reports $3,181 million of CAPEX; Golar LNG Limited has the highest covered intensity at 108.7%. Coverage is only 30 of 30 companies and 535 reported observations, so this is partial evidence—not a complete sector rank. Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation. This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns. Evidence: Venture Global, Inc. · $3,181 million | 30.4% versus #2 · Enbridge Inc. | 8/8 recent comparable periods | 30/30 companies · 535 observations Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns. ### CAPEX — largest spenders 1. Venture Global, Inc. (VG): ₹3.2K Cr 2. Enbridge Inc. (ENB): ₹2.4K Cr 3. Energy Transfer LP (ET): ₹1.9K Cr 4. The Williams Companies, Inc. (WMB): ₹1.4K Cr 5. TC Energy Corporation (TRP): ₹1.1K Cr ### CAPEX intensity — highest reinvestment intensity 1. Golar LNG Limited (GLNG): 109% 2. Venture Global, Inc. (VG): 69% 3. Frontline plc (FRO): 45% 4. The Williams Companies, Inc. (WMB): 45% 5. Cmb.Tech NV (CMBT): 35% ### 20-quarter CAPEX history - ENB: Sep 2021 ₹2.2K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹954 Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹964 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 — - WMB: Sep 2021 ₹272 Cr | Dec 2021 ₹282 Cr | Mar 2022 ₹291 Cr | Jun 2022 ₹315 Cr | Sep 2022 ₹841 Cr | Dec 2022 ₹806 Cr | Mar 2023 ₹545 Cr | Jun 2023 ₹610 Cr | Sep 2023 ₹690 Cr | Dec 2023 ₹671 Cr | Mar 2024 ₹544 Cr | Jun 2024 ₹579 Cr | Sep 2024 ₹682 Cr | Dec 2024 ₹768 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹972 Cr | Sep 2025 ₹954 Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 — - EPD: Sep 2021 ₹505 Cr | Dec 2021 ₹417 Cr | Mar 2022 ₹349 Cr | Jun 2022 ₹382 Cr | Sep 2022 ₹472 Cr | Dec 2022 ₹761 Cr | Mar 2023 ₹653 Cr | Jun 2023 ₹780 Cr | Sep 2023 ₹821 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹983 Cr | Jun 2026 — - TRP: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - KMI: Sep 2021 ₹349 Cr | Dec 2021 ₹387 Cr | Mar 2022 ₹407 Cr | Jun 2022 ₹372 Cr | Sep 2022 ₹365 Cr | Dec 2022 ₹477 Cr | Mar 2023 ₹507 Cr | Jun 2023 ₹535 Cr | Sep 2023 ₹647 Cr | Dec 2023 ₹628 Cr | Mar 2024 ₹619 Cr | Jun 2024 ₹581 Cr | Sep 2024 ₹657 Cr | Dec 2024 ₹772 Cr | Mar 2025 ₹766 Cr | Jun 2025 ₹647 Cr | Sep 2025 ₹793 Cr | Dec 2025 ₹820 Cr | Mar 2026 ₹804 Cr | Jun 2026 — - ET: Sep 2021 ₹604 Cr | Dec 2021 ₹762 Cr | Mar 2022 ₹732 Cr | Jun 2022 ₹691 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹882 Cr | Mar 2023 ₹837 Cr | Jun 2023 ₹862 Cr | Sep 2023 ₹693 Cr | Dec 2023 ₹702 Cr | Mar 2024 ₹770 Cr | Jun 2024 ₹786 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - MPLX: Sep 2021 ₹139 Cr | Dec 2021 ₹155 Cr | Mar 2022 ₹169 Cr | Jun 2022 ₹125 Cr | Sep 2022 ₹241 Cr | Dec 2022 ₹271 Cr | Mar 2023 ₹169 Cr | Jun 2023 ₹263 Cr | Sep 2023 ₹230 Cr | Dec 2023 ₹275 Cr | Mar 2024 ₹255 Cr | Jun 2024 ₹213 Cr | Sep 2024 ₹280 Cr | Dec 2024 ₹308 Cr | Mar 2025 ₹267 Cr | Jun 2025 ₹301 Cr | Sep 2025 ₹526 Cr | Dec 2025 ₹714 Cr | Mar 2026 ₹575 Cr | Jun 2026 — - TRGP: Sep 2021 ₹123 Cr | Dec 2021 ₹184 Cr | Mar 2022 ₹204 Cr | Jun 2022 ₹215 Cr | Sep 2022 ₹396 Cr | Dec 2022 ₹520 Cr | Mar 2023 ₹476 Cr | Jun 2023 ₹598 Cr | Sep 2023 ₹592 Cr | Dec 2023 ₹720 Cr | Mar 2024 ₹670 Cr | Jun 2024 ₹740 Cr | Sep 2024 ₹829 Cr | Dec 2024 ₹727 Cr | Mar 2025 ₹792 Cr | Jun 2025 ₹906 Cr | Sep 2025 ₹672 Cr | Dec 2025 ₹963 Cr | Mar 2026 ₹900 Cr | Jun 2026 — - OKE: Sep 2021 ₹166 Cr | Dec 2021 ₹207 Cr | Mar 2022 ₹257 Cr | Jun 2022 ₹302 Cr | Sep 2022 ₹327 Cr | Dec 2022 ₹316 Cr | Mar 2023 ₹289 Cr | Jun 2023 ₹305 Cr | Sep 2023 ₹398 Cr | Dec 2023 ₹603 Cr | Mar 2024 ₹512 Cr | Jun 2024 ₹479 Cr | Sep 2024 ₹468 Cr | Dec 2024 ₹562 Cr | Mar 2025 ₹629 Cr | Jun 2025 ₹749 Cr | Sep 2025 ₹804 Cr | Dec 2025 ₹970 Cr | Mar 2026 ₹864 Cr | Jun 2026 — - LNG: Sep 2021 ₹321 Cr | Dec 2021 ₹205 Cr | Mar 2022 ₹178 Cr | Jun 2022 ₹845 Cr | Sep 2022 ₹316 Cr | Dec 2022 ₹491 Cr | Mar 2023 ₹712 Cr | Jun 2023 ₹332 Cr | Sep 2023 ₹386 Cr | Dec 2023 ₹691 Cr | Mar 2024 ₹650 Cr | Jun 2024 ₹503 Cr | Sep 2024 ₹516 Cr | Dec 2024 ₹569 Cr | Mar 2025 ₹623 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹687 Cr | Dec 2025 ₹744 Cr | Mar 2026 ₹736 Cr | Jun 2026 — - CQP: Sep 2021 ₹179 Cr | Dec 2021 ₹153 Cr | Mar 2022 ₹87 Cr | Jun 2022 ₹152 Cr | Sep 2022 ₹117 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹89 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹31 Cr | Jun 2026 — - VG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 — - PBA: Sep 2021 ₹214 Cr | Dec 2021 ₹182 Cr | Mar 2022 ₹187 Cr | Jun 2022 ₹159 Cr | Sep 2022 ₹134 Cr | Dec 2022 ₹146 Cr | Mar 2023 ₹140 Cr | Jun 2023 ₹126 Cr | Sep 2023 ₹173 Cr | Dec 2023 ₹182 Cr | Mar 2024 ₹192 Cr | Jun 2024 ₹275 Cr | Sep 2024 ₹267 Cr | Dec 2024 ₹247 Cr | Mar 2025 ₹180 Cr | Jun 2025 ₹203 Cr | Sep 2025 ₹185 Cr | Dec 2025 ₹244 Cr | Mar 2026 ₹195 Cr | Jun 2026 — - WES: Sep 2021 ₹80 Cr | Dec 2021 ₹94 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹150 Cr | Dec 2022 ₹146 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹161 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹199 Cr | Mar 2024 ₹194 Cr | Jun 2024 ₹212 Cr | Sep 2024 ₹189 Cr | Dec 2024 ₹239 Cr | Mar 2025 ₹142 Cr | Jun 2025 ₹179 Cr | Sep 2025 ₹185 Cr | Dec 2025 ₹222 Cr | Mar 2026 ₹236 Cr | Jun 2026 — - PAA: Sep 2021 ₹75 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹89 Cr | Sep 2022 ₹122 Cr | Dec 2022 ₹143 Cr | Mar 2023 ₹122 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹137 Cr | Dec 2023 ₹155 Cr | Mar 2024 ₹157 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹109 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹119 Cr | Sep 2025 ₹185 Cr | Dec 2025 ₹148 Cr | Mar 2026 ₹130 Cr | Jun 2026 — - VNOM: Sep 2021 ₹6 Cr | Dec 2021 ₹274 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹731 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹242 Cr | Dec 2024 ₹425 Cr | Mar 2025 ₹486 Cr | Jun 2025 ₹758 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹30 Cr | Jun 2026 — - DTM: Sep 2021 ₹36 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹118 Cr | Dec 2022 ₹165 Cr | Mar 2023 ₹228 Cr | Jun 2023 ₹193 Cr | Sep 2023 ₹201 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹90 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹78 Cr | Jun 2026 — - AM: Sep 2021 ₹83 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹78 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹38 Cr | Jun 2026 — - FRO: Sep 2021 ₹37 Cr | Dec 2021 ₹226 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹156 Cr | Sep 2022 ₹84 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹151 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹899 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹323 Cr | Jun 2026 — - HESM: Sep 2021 ₹67 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹56 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹55 Cr | Jun 2024 ₹64 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹29 Cr | Jun 2026 — - KNTK: Sep 2021 ₹21 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹89 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹101 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹108 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹127 Cr | Sep 2025 ₹157 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹83 Cr | Jun 2026 — - SOBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹8 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹27 Cr | Jun 2026 — - PAGP: Sep 2021 ₹75 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹89 Cr | Sep 2022 ₹122 Cr | Dec 2022 ₹143 Cr | Mar 2023 ₹122 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹137 Cr | Dec 2023 ₹155 Cr | Mar 2024 ₹157 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹109 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹119 Cr | Sep 2025 ₹185 Cr | Dec 2025 ₹148 Cr | Mar 2026 ₹130 Cr | Jun 2026 — - GLNG: Sep 2021 ₹15 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹95 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹128 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹129 Cr | Mar 2024 ₹124 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹80 Cr | Dec 2024 ₹208 Cr | Mar 2025 ₹153 Cr | Jun 2025 ₹272 Cr | Sep 2025 ₹318 Cr | Dec 2025 ₹140 Cr | Mar 2026 ₹150 Cr | Jun 2026 — - INSW: Sep 2021 ₹20 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹176 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹88 Cr | Dec 2025 ₹152 Cr | Mar 2026 ₹71 Cr | Jun 2026 — - CMBT: Sep 2021 ₹88 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹365 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹132 Cr | Jun 2023 ₹78 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹140 Cr | Jun 2024 ₹308 Cr | Sep 2024 ₹244 Cr | Dec 2024 ₹428 Cr | Mar 2025 ₹228 Cr | Jun 2025 ₹320 Cr | Sep 2025 ₹277 Cr | Dec 2025 ₹205 Cr | Mar 2026 — | Jun 2026 — - EE: Sep 2021 ₹20 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹278 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹26 Cr | Jun 2026 — - SUNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹101 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹199 Cr | Jun 2026 — - STNG: Sep 2021 ₹14 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹77 Cr | Jun 2026 — - BWLP: Sep 2021 ₹62 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹518 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹11 Cr | Jun 2026 — ### 20-quarter CAPEX intensity history - ENB: Sep 2021 19% | Dec 2021 15% | Mar 2022 6.9% | Jun 2022 7.2% | Sep 2022 10% | Dec 2022 11% | Mar 2023 9.3% | Jun 2023 9.2% | Sep 2023 12% | Dec 2023 12% | Mar 2024 11% | Jun 2024 12% | Sep 2024 11% | Dec 2024 16% | Mar 2025 9.3% | Jun 2025 13% | Sep 2025 16% | Dec 2025 18% | Mar 2026 11% | Jun 2026 — - WMB: Sep 2021 11% | Dec 2021 8.7% | Mar 2022 12% | Jun 2022 13% | Sep 2022 28% | Dec 2022 28% | Mar 2023 18% | Jun 2023 25% | Sep 2023 27% | Dec 2023 24% | Mar 2024 20% | Jun 2024 25% | Sep 2024 26% | Dec 2024 28% | Mar 2025 33% | Jun 2025 35% | Sep 2025 33% | Dec 2025 61% | Mar 2026 45% | Jun 2026 — - EPD: Sep 2021 4.7% | Dec 2021 3.7% | Mar 2022 2.7% | Jun 2022 2.4% | Sep 2022 3.1% | Dec 2022 5.6% | Mar 2023 5.2% | Jun 2023 7.3% | Sep 2023 6.8% | Dec 2023 6.9% | Mar 2024 7.1% | Jun 2024 9.4% | Sep 2024 8.5% | Dec 2024 7.5% | Mar 2025 6.9% | Jun 2025 11% | Sep 2025 16% | Dec 2025 9.4% | Mar 2026 6.8% | Jun 2026 — - TRP: Sep 2021 45% | Dec 2021 45% | Mar 2022 44% | Jun 2022 35% | Sep 2022 49% | Dec 2022 52% | Mar 2023 50% | Jun 2023 53% | Sep 2023 52% | Dec 2023 59% | Mar 2024 46% | Jun 2024 41% | Sep 2024 53% | Dec 2024 46% | Mar 2025 43% | Jun 2025 30% | Sep 2025 34% | Dec 2025 32% | Mar 2026 28% | Jun 2026 — - KMI: Sep 2021 9.1% | Dec 2021 8.7% | Mar 2022 9.5% | Jun 2022 7.2% | Sep 2022 7.1% | Dec 2022 10% | Mar 2023 13% | Jun 2023 15% | Sep 2023 17% | Dec 2023 16% | Mar 2024 16% | Jun 2024 16% | Sep 2024 18% | Dec 2024 19% | Mar 2025 18% | Jun 2025 16% | Sep 2025 19% | Dec 2025 18% | Mar 2026 17% | Jun 2026 — - ET: Sep 2021 3.6% | Dec 2021 4.1% | Mar 2022 3.6% | Jun 2022 2.7% | Sep 2022 4.4% | Dec 2022 4.3% | Mar 2023 4.4% | Jun 2023 4.7% | Sep 2023 3.3% | Dec 2023 3.4% | Mar 2024 3.6% | Jun 2024 3.8% | Sep 2024 5.2% | Dec 2024 7.5% | Mar 2025 5.7% | Jun 2025 8.6% | Sep 2025 6.5% | Dec 2025 8.1% | Mar 2026 6.8% | Jun 2026 — - MPLX: Sep 2021 5.6% | Dec 2021 5.9% | Mar 2022 6.7% | Jun 2022 4.4% | Sep 2022 7.4% | Dec 2022 11% | Mar 2023 6.6% | Jun 2023 10% | Sep 2023 8.4% | Dec 2023 9.8% | Mar 2024 9.5% | Jun 2024 7.8% | Sep 2024 9.9% | Dec 2024 11% | Mar 2025 9.1% | Jun 2025 11% | Sep 2025 18% | Dec 2025 23% | Mar 2026 20% | Jun 2026 — - TRGP: Sep 2021 2.8% | Dec 2021 3.4% | Mar 2022 4.1% | Jun 2022 3.6% | Sep 2022 7.4% | Dec 2022 11% | Mar 2023 11% | Jun 2023 18% | Sep 2023 15% | Dec 2023 17% | Mar 2024 15% | Jun 2024 21% | Sep 2024 22% | Dec 2024 17% | Mar 2025 17% | Jun 2025 21% | Sep 2025 16% | Dec 2025 24% | Mar 2026 22% | Jun 2026 — - OKE: Sep 2021 3.7% | Dec 2021 3.8% | Mar 2022 4.7% | Jun 2022 5.0% | Sep 2022 5.5% | Dec 2022 6.3% | Mar 2023 6.4% | Jun 2023 8.2% | Sep 2023 9.5% | Dec 2023 12% | Mar 2024 11% | Jun 2024 9.8% | Sep 2024 9.3% | Dec 2024 8.0% | Mar 2025 7.8% | Jun 2025 9.5% | Sep 2025 9.3% | Dec 2025 11% | Mar 2026 9.0% | Jun 2026 — - LNG: Sep 2021 10% | Dec 2021 3.1% | Mar 2022 2.4% | Jun 2022 11% | Sep 2022 3.6% | Dec 2022 5.4% | Mar 2023 9.7% | Jun 2023 8.1% | Sep 2023 9.3% | Dec 2023 14% | Mar 2024 15% | Jun 2024 16% | Sep 2024 14% | Dec 2024 13% | Mar 2025 11% | Jun 2025 22% | Sep 2025 16% | Dec 2025 14% | Mar 2026 13% | Jun 2026 — - CQP: Sep 2021 7.7% | Dec 2021 4.7% | Mar 2022 2.6% | Jun 2022 3.6% | Sep 2022 2.4% | Dec 2022 2.0% | Mar 2023 3.1% | Jun 2023 3.1% | Sep 2023 1.0% | Dec 2023 1.9% | Mar 2024 1.6% | Jun 2024 1.6% | Sep 2024 1.9% | Dec 2024 2.0% | Mar 2025 2.0% | Jun 2025 2.8% | Sep 2025 2.0% | Dec 2025 0.8% | Mar 2026 0.9% | Jun 2026 — - VG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 218% | Mar 2024 212% | Jun 2024 293% | Sep 2024 411% | Dec 2024 240% | Mar 2025 120% | Jun 2025 96% | Sep 2025 99% | Dec 2025 82% | Mar 2026 69% | Jun 2026 — - PBA: Sep 2021 10% | Dec 2021 7.1% | Mar 2022 6.2% | Jun 2022 5.1% | Sep 2022 4.8% | Dec 2022 5.4% | Mar 2023 8.7% | Jun 2023 8.9% | Sep 2023 12% | Dec 2023 9.9% | Mar 2024 13% | Jun 2024 15% | Sep 2024 15% | Dec 2024 12% | Mar 2025 7.9% | Jun 2025 11% | Sep 2025 10% | Dec 2025 13% | Mar 2026 9.3% | Jun 2026 — - WES: Sep 2021 11% | Dec 2021 13% | Mar 2022 11% | Jun 2022 12% | Sep 2022 18% | Dec 2022 19% | Mar 2023 24% | Jun 2023 22% | Sep 2023 26% | Dec 2023 23% | Mar 2024 22% | Jun 2024 23% | Sep 2024 21% | Dec 2024 26% | Mar 2025 16% | Jun 2025 19% | Sep 2025 19% | Dec 2025 22% | Mar 2026 21% | Jun 2026 — - PAA: Sep 2021 0.7% | Dec 2021 0.6% | Mar 2022 0.7% | Jun 2022 0.5% | Sep 2022 0.9% | Dec 2022 1.1% | Mar 2023 1.0% | Jun 2023 1.2% | Sep 2023 1.1% | Dec 2023 1.4% | Mar 2024 1.3% | Jun 2024 1.1% | Sep 2024 0.9% | Dec 2024 0.9% | Mar 2025 1.2% | Jun 2025 1.1% | Sep 2025 1.6% | Dec 2025 1.4% | Mar 2026 1.0% | Jun 2026 — - VNOM: Sep 2021 4.7% | Dec 2021 165% | Mar 2022 1.5% | Jun 2022 0.4% | Sep 2022 18% | Dec 2022 13% | Mar 2023 68% | Jun 2023 5.0% | Sep 2023 17% | Dec 2023 357% | Mar 2024 10% | Jun 2024 3.7% | Sep 2024 115% | Dec 2024 186% | Mar 2025 198% | Jun 2025 255% | Sep 2025 262% | Dec 2025 15% | Mar 2026 5.9% | Jun 2026 — - DTM: Sep 2021 17% | Dec 2021 20% | Mar 2022 9.3% | Jun 2022 15% | Sep 2022 50% | Dec 2022 68% | Mar 2023 104% | Jun 2023 86% | Sep 2023 86% | Dec 2023 62% | Mar 2024 41% | Jun 2024 33% | Sep 2024 33% | Dec 2024 36% | Mar 2025 23% | Jun 2025 26% | Sep 2025 46% | Dec 2025 41% | Mar 2026 23% | Jun 2026 — - AM: Sep 2021 37% | Dec 2021 35% | Mar 2022 39% | Jun 2022 34% | Sep 2022 32% | Dec 2022 26% | Mar 2023 17% | Jun 2023 16% | Sep 2023 17% | Dec 2023 21% | Mar 2024 13% | Jun 2024 16% | Sep 2024 21% | Dec 2024 13% | Mar 2025 11% | Jun 2025 12% | Sep 2025 16% | Dec 2025 17% | Mar 2026 12% | Jun 2026 — - FRO: Sep 2021 22% | Dec 2021 106% | Mar 2022 6.5% | Jun 2022 52% | Sep 2022 22% | Dec 2022 16% | Mar 2023 30% | Jun 2023 0.6% | Sep 2023 0.0% | Dec 2023 356% | Mar 2024 156% | Jun 2024 1.6% | Sep 2024 0.4% | Dec 2024 0.9% | Mar 2025 0.0% | Jun 2025 1.9% | Sep 2025 0.7% | Dec 2025 1.1% | Mar 2026 45% | Jun 2026 — - HESM: Sep 2021 22% | Dec 2021 14% | Mar 2022 18% | Jun 2022 18% | Sep 2022 20% | Dec 2022 20% | Mar 2023 21% | Jun 2023 13% | Sep 2023 15% | Dec 2023 18% | Mar 2024 15% | Jun 2024 18% | Sep 2024 24% | Dec 2024 24% | Mar 2025 12% | Jun 2025 15% | Sep 2025 19% | Dec 2025 17% | Mar 2026 7.4% | Jun 2026 — - KNTK: Sep 2021 13% | Dec 2021 8.0% | Mar 2022 11% | Jun 2022 13% | Sep 2022 27% | Dec 2022 16% | Mar 2023 21% | Jun 2023 34% | Sep 2023 26% | Dec 2023 19% | Mar 2024 17% | Jun 2024 11% | Sep 2024 15% | Dec 2024 28% | Mar 2025 17% | Jun 2025 30% | Sep 2025 34% | Dec 2025 31% | Mar 2026 20% | Jun 2026 — - SOBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.5% | Dec 2023 2.0% | Mar 2024 2.2% | Jun 2024 3.6% | Sep 2024 12% | Dec 2024 5.7% | Mar 2025 6.4% | Jun 2025 6.5% | Sep 2025 11% | Dec 2025 12% | Mar 2026 5.5% | Jun 2026 — - PAGP: Sep 2021 0.7% | Dec 2021 0.6% | Mar 2022 0.7% | Jun 2022 0.5% | Sep 2022 0.9% | Dec 2022 1.1% | Mar 2023 1.0% | Jun 2023 1.2% | Sep 2023 1.1% | Dec 2023 1.4% | Mar 2024 1.3% | Jun 2024 1.1% | Sep 2024 0.9% | Dec 2024 0.9% | Mar 2025 1.2% | Jun 2025 1.1% | Sep 2025 1.6% | Dec 2025 1.4% | Mar 2026 1.0% | Jun 2026 — - GLNG: Sep 2021 14% | Dec 2021 42% | Mar 2022 110% | Jun 2022 142% | Sep 2022 65% | Dec 2022 80% | Mar 2023 35% | Jun 2023 164% | Sep 2023 63% | Dec 2023 161% | Mar 2024 191% | Jun 2024 42% | Sep 2024 123% | Dec 2024 315% | Mar 2025 243% | Jun 2025 358% | Sep 2025 259% | Dec 2025 105% | Mar 2026 109% | Jun 2026 — - INSW: Sep 2021 24% | Dec 2021 36% | Mar 2022 38% | Jun 2022 8.5% | Sep 2022 14% | Dec 2022 8.3% | Mar 2023 23% | Jun 2023 41% | Sep 2023 1.7% | Dec 2023 5.2% | Mar 2024 9.5% | Jun 2024 69% | Sep 2024 6.2% | Dec 2024 32% | Mar 2025 45% | Jun 2025 9.2% | Sep 2025 45% | Dec 2025 57% | Mar 2026 22% | Jun 2026 — - CMBT: Sep 2021 94% | Dec 2021 52% | Mar 2022 55% | Jun 2022 245% | Sep 2022 9.4% | Dec 2022 20% | Mar 2023 39% | Jun 2023 22% | Sep 2023 21% | Dec 2023 27% | Mar 2024 58% | Jun 2024 122% | Sep 2024 110% | Dec 2024 189% | Mar 2025 97% | Jun 2025 83% | Sep 2025 61% | Dec 2025 35% | Mar 2026 — | Jun 2026 — - EE: Sep 2021 10% | Dec 2021 1.5% | Mar 2022 1.9% | Jun 2022 5.0% | Sep 2022 2.7% | Dec 2022 12% | Mar 2023 7.1% | Jun 2023 64% | Sep 2023 4.4% | Dec 2023 3.3% | Mar 2024 6.5% | Jun 2024 14% | Sep 2024 5.7% | Dec 2024 23% | Mar 2025 14% | Jun 2025 16% | Sep 2025 13% | Dec 2025 11% | Mar 2026 6.0% | Jun 2026 — - SUNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.0% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.9% | Jun 2026 — - STNG: Sep 2021 12% | Dec 2021 4.1% | Mar 2022 8.0% | Jun 2022 2.2% | Sep 2022 0.8% | Dec 2022 1.6% | Mar 2023 2.1% | Jun 2023 1.5% | Sep 2023 1.4% | Dec 2023 1.8% | Mar 2024 2.8% | Jun 2024 3.4% | Sep 2024 11% | Dec 2024 19% | Mar 2025 12% | Jun 2025 10% | Sep 2025 7.1% | Dec 2025 3.6% | Mar 2026 25% | Jun 2026 — - BWLP: Sep 2021 40% | Dec 2021 6.2% | Mar 2022 3.1% | Jun 2022 2.5% | Sep 2022 1.2% | Dec 2022 1.3% | Mar 2023 0.9% | Jun 2023 15% | Sep 2023 0.6% | Dec 2023 4.4% | Mar 2024 0.2% | Jun 2024 0.0% | Sep 2024 10% | Dec 2024 61% | Mar 2025 8.8% | Jun 2025 7.8% | Sep 2025 1.3% | Dec 2025 1.8% | Mar 2026 1.3% | Jun 2026 — ## Debt Load & Balance-Sheet Headroom What the numbers say: Scorpio Tankers Inc. has the clearest covered balance-sheet capacity with $403 million net cash and gross debt of $581 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information. Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt. This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods. Evidence: Scorpio Tankers Inc. · $581 million | 4.8% versus #2 · International Seaways, Inc. | 2/8 recent comparable periods | 30/30 companies · 537 observations Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business. ### Gross debt — lowest gross debt 1. Scorpio Tankers Inc. (STNG): ₹581 Cr 2. International Seaways, Inc. (INSW): ₹610 Cr 3. BW LPG Limited (BWLP): ₹898 Cr 4. Excelerate Energy, Inc. (EE): ₹1.4K Cr 5. Viper Energy, Inc. (VNOM): ₹1.6K Cr ### Net debt — lowest net debt 1. Scorpio Tankers Inc. (STNG): ₹-403 Cr 2. International Seaways, Inc. (INSW): ₹233 Cr 3. BW LPG Limited (BWLP): ₹612 Cr 4. Excelerate Energy, Inc. (EE): ₹873 Cr 5. Viper Energy, Inc. (VNOM): ₹1.6K Cr ### 20-quarter Gross debt history - ENB: Sep 2021 ₹70.9K Cr | Dec 2021 ₹75.6K Cr | Mar 2022 ₹76.5K Cr | Jun 2022 ₹78.8K Cr | Sep 2022 ₹82.2K Cr | Dec 2022 ₹81.0K Cr | Mar 2023 ₹80.6K Cr | Jun 2023 ₹79.5K Cr | Sep 2023 ₹77.5K Cr | Dec 2023 ₹81.2K Cr | Mar 2024 ₹87.6K Cr | Jun 2024 ₹92.1K Cr | Sep 2024 ₹95.3K Cr | Dec 2024 ₹1.0 L Cr | Mar 2025 ₹1.0 L Cr | Jun 2025 ₹1.0 L Cr | Sep 2025 ₹1.0 L Cr | Dec 2025 ₹1.1 L Cr | Mar 2026 ₹1.1 L Cr | Jun 2026 — - WMB: Sep 2021 ₹22.4K Cr | Dec 2021 ₹23.7K Cr | Mar 2022 ₹22.4K Cr | Jun 2022 ₹22.7K Cr | Sep 2022 ₹23.4K Cr | Dec 2022 ₹22.9K Cr | Mar 2023 ₹24.4K Cr | Jun 2023 ₹24.4K Cr | Sep 2023 ₹25.7K Cr | Dec 2023 ₹26.4K Cr | Mar 2024 ₹26.9K Cr | Jun 2024 ₹26.3K Cr | Sep 2024 ₹27.1K Cr | Dec 2024 ₹26.9K Cr | Mar 2025 ₹27.4K Cr | Jun 2025 ₹28.6K Cr | Sep 2025 ₹28.0K Cr | Dec 2025 ₹29.4K Cr | Mar 2026 ₹30.3K Cr | Jun 2026 — - EPD: Sep 2021 ₹29.5K Cr | Dec 2021 ₹29.5K Cr | Mar 2022 ₹29.5K Cr | Jun 2022 ₹28.8K Cr | Sep 2022 ₹29.2K Cr | Dec 2022 ₹28.3K Cr | Mar 2023 ₹28.6K Cr | Jun 2023 ₹28.6K Cr | Sep 2023 ₹28.9K Cr | Dec 2023 ₹28.7K Cr | Mar 2024 ₹29.4K Cr | Jun 2024 ₹30.3K Cr | Sep 2024 ₹31.9K Cr | Dec 2024 ₹31.9K Cr | Mar 2025 ₹31.6K Cr | Jun 2025 ₹32.7K Cr | Sep 2025 ₹33.6K Cr | Dec 2025 ₹34.4K Cr | Mar 2026 ₹33.9K Cr | Jun 2026 — - TRP: Sep 2021 ₹54.6K Cr | Dec 2021 ₹52.8K Cr | Mar 2022 ₹53.6K Cr | Jun 2022 ₹57.1K Cr | Sep 2022 ₹58.9K Cr | Dec 2022 ₹58.3K Cr | Mar 2023 ₹63.0K Cr | Jun 2023 ₹61.7K Cr | Sep 2023 ₹65.6K Cr | Dec 2023 ₹63.2K Cr | Mar 2024 ₹64.6K Cr | Jun 2024 ₹65.0K Cr | Sep 2024 ₹72.4K Cr | Dec 2024 ₹59.4K Cr | Mar 2025 ₹62.0K Cr | Jun 2025 ₹59.4K Cr | Sep 2025 ₹61.4K Cr | Dec 2025 ₹60.1K Cr | Mar 2026 ₹61.8K Cr | Jun 2026 — - KMI: Sep 2021 ₹62.8K Cr | Dec 2021 ₹64.0K Cr | Mar 2022 ₹60.8K Cr | Jun 2022 ₹60.1K Cr | Sep 2022 ₹60.8K Cr | Dec 2022 ₹60.2K Cr | Mar 2023 ₹60.9K Cr | Jun 2023 ₹60.0K Cr | Sep 2023 ₹58.9K Cr | Dec 2023 ₹60.2K Cr | Mar 2024 ₹62.3K Cr | Jun 2024 ₹60.4K Cr | Sep 2024 ₹62.1K Cr | Dec 2024 ₹61.8K Cr | Mar 2025 ₹63.0K Cr | Jun 2025 ₹64.5K Cr | Sep 2025 ₹64.1K Cr | Dec 2025 ₹62.8K Cr | Mar 2026 ₹61.9K Cr | Jun 2026 ₹32.2K Cr - ET: Sep 2021 ₹46.3K Cr | Dec 2021 ₹50.6K Cr | Mar 2022 ₹50.3K Cr | Jun 2022 ₹49.0K Cr | Sep 2022 ₹48.3K Cr | Dec 2022 ₹49.1K Cr | Mar 2023 ₹48.1K Cr | Jun 2023 ₹49.0K Cr | Sep 2023 ₹48.9K Cr | Dec 2023 ₹53.2K Cr | Mar 2024 ₹54.2K Cr | Jun 2024 ₹58.4K Cr | Sep 2024 ₹60.1K Cr | Dec 2024 ₹60.6K Cr | Mar 2025 ₹60.6K Cr | Jun 2025 ₹61.6K Cr | Sep 2025 ₹64.0K Cr | Dec 2025 ₹70.1K Cr | Mar 2026 ₹71.1K Cr | Jun 2026 — - MPLX: Sep 2021 ₹18.5K Cr | Dec 2021 ₹18.8K Cr | Mar 2022 ₹20.0K Cr | Jun 2022 ₹20.1K Cr | Sep 2022 ₹20.1K Cr | Dec 2022 ₹20.1K Cr | Mar 2023 ₹20.7K Cr | Jun 2023 ₹20.7K Cr | Sep 2023 ₹20.7K Cr | Dec 2023 ₹20.7K Cr | Mar 2024 ₹20.7K Cr | Jun 2024 ₹22.3K Cr | Sep 2024 ₹22.4K Cr | Dec 2024 ₹21.2K Cr | Mar 2025 ₹22.7K Cr | Jun 2025 ₹21.5K Cr | Sep 2025 ₹25.9K Cr | Dec 2025 ₹25.9K Cr | Mar 2026 ₹25.9K Cr | Jun 2026 — - TRGP: Sep 2021 ₹6.8K Cr | Dec 2021 ₹6.6K Cr | Mar 2022 ₹7.2K Cr | Jun 2022 ₹7.5K Cr | Sep 2022 ₹11.2K Cr | Dec 2022 ₹11.5K Cr | Mar 2023 ₹12.2K Cr | Jun 2023 ₹12.4K Cr | Sep 2023 ₹12.9K Cr | Dec 2023 ₹13.0K Cr | Mar 2024 ₹13.1K Cr | Jun 2024 ₹13.6K Cr | Sep 2024 ₹14.3K Cr | Dec 2024 ₹14.2K Cr | Mar 2025 ₹16.2K Cr | Jun 2025 ₹16.9K Cr | Sep 2025 ₹17.4K Cr | Dec 2025 ₹17.4K Cr | Mar 2026 ₹19.1K Cr | Jun 2026 — - OKE: Sep 2021 ₹14.3K Cr | Dec 2021 ₹13.7K Cr | Mar 2022 ₹13.8K Cr | Jun 2022 ₹13.9K Cr | Sep 2022 ₹13.9K Cr | Dec 2022 ₹13.7K Cr | Mar 2023 ₹13.3K Cr | Jun 2023 ₹12.8K Cr | Sep 2023 ₹22.1K Cr | Dec 2023 ₹21.7K Cr | Mar 2024 ₹22.0K Cr | Jun 2024 ₹21.9K Cr | Sep 2024 ₹28.1K Cr | Dec 2024 ₹32.1K Cr | Mar 2025 ₹32.0K Cr | Jun 2025 ₹32.5K Cr | Sep 2025 ₹33.7K Cr | Dec 2025 ₹32.8K Cr | Mar 2026 ₹33.7K Cr | Jun 2026 — - LNG: Sep 2021 ₹32.6K Cr | Dec 2021 ₹31.9K Cr | Mar 2022 ₹31.0K Cr | Jun 2022 ₹30.6K Cr | Sep 2022 ₹29.9K Cr | Dec 2022 ₹27.9K Cr | Mar 2023 ₹27.0K Cr | Jun 2023 ₹28.1K Cr | Sep 2023 ₹26.7K Cr | Dec 2023 ₹26.3K Cr | Mar 2024 ₹28.4K Cr | Jun 2024 ₹26.7K Cr | Sep 2024 ₹26.6K Cr | Dec 2024 ₹25.6K Cr | Mar 2025 ₹25.3K Cr | Jun 2025 ₹25.4K Cr | Sep 2025 ₹25.2K Cr | Dec 2025 ₹25.5K Cr | Mar 2026 ₹26.4K Cr | Jun 2026 — - CQP: Sep 2021 ₹18.2K Cr | Dec 2021 ₹17.3K Cr | Mar 2022 ₹17.3K Cr | Jun 2022 ₹17.3K Cr | Sep 2022 ₹17.3K Cr | Dec 2022 ₹16.3K Cr | Mar 2023 ₹16.3K Cr | Jun 2023 ₹17.5K Cr | Sep 2023 ₹16.0K Cr | Dec 2023 ₹15.9K Cr | Mar 2024 ₹15.8K Cr | Jun 2024 ₹15.7K Cr | Sep 2024 ₹15.6K Cr | Dec 2024 ₹15.1K Cr | Mar 2025 ₹14.8K Cr | Jun 2025 ₹14.8K Cr | Sep 2025 ₹14.8K Cr | Dec 2025 ₹14.5K Cr | Mar 2026 ₹14.2K Cr | Jun 2026 — - VG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹10.9K Cr | Dec 2022 ₹10.9K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹21.2K Cr | Dec 2023 ₹21.2K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹27.4K Cr | Dec 2024 ₹29.8K Cr | Mar 2025 ₹29.8K Cr | Jun 2025 ₹30.5K Cr | Sep 2025 ₹33.3K Cr | Dec 2025 ₹34.9K Cr | Mar 2026 ₹37.3K Cr | Jun 2026 — - PBA: Sep 2021 ₹11.9K Cr | Dec 2021 ₹12.0K Cr | Mar 2022 ₹11.8K Cr | Jun 2022 ₹11.8K Cr | Sep 2022 ₹11.3K Cr | Dec 2022 ₹11.3K Cr | Mar 2023 ₹11.4K Cr | Jun 2023 ₹11.3K Cr | Sep 2023 ₹11.2K Cr | Dec 2023 ₹11.1K Cr | Mar 2024 ₹11.9K Cr | Jun 2024 ₹13.5K Cr | Sep 2024 ₹13.4K Cr | Dec 2024 ₹13.3K Cr | Mar 2025 ₹13.1K Cr | Jun 2025 ₹13.4K Cr | Sep 2025 ₹13.3K Cr | Dec 2025 ₹13.3K Cr | Mar 2026 ₹13.9K Cr | Jun 2026 — - WES: Sep 2021 ₹7.1K Cr | Dec 2021 ₹6.9K Cr | Mar 2022 ₹6.9K Cr | Jun 2022 ₹6.7K Cr | Sep 2022 ₹7.0K Cr | Dec 2022 ₹6.8K Cr | Mar 2023 ₹6.7K Cr | Jun 2023 ₹6.8K Cr | Sep 2023 ₹7.3K Cr | Dec 2023 ₹7.9K Cr | Mar 2024 ₹7.4K Cr | Jun 2024 ₹7.1K Cr | Sep 2024 ₹7.9K Cr | Dec 2024 ₹7.9K Cr | Mar 2025 ₹7.3K Cr | Jun 2025 ₹6.9K Cr | Sep 2025 ₹6.9K Cr | Dec 2025 ₹8.6K Cr | Mar 2026 ₹8.6K Cr | Jun 2026 — - PAA: Sep 2021 ₹9.5K Cr | Dec 2021 ₹9.6K Cr | Mar 2022 ₹9.2K Cr | Jun 2022 ₹8.9K Cr | Sep 2022 ₹8.7K Cr | Dec 2022 ₹8.8K Cr | Mar 2023 ₹8.3K Cr | Jun 2023 ₹8.3K Cr | Sep 2023 ₹8.3K Cr | Dec 2023 ₹8.0K Cr | Mar 2024 ₹8.1K Cr | Jun 2024 ₹8.3K Cr | Sep 2024 ₹8.2K Cr | Dec 2024 ₹7.8K Cr | Mar 2025 ₹9.0K Cr | Jun 2025 ₹8.9K Cr | Sep 2025 ₹9.6K Cr | Dec 2025 ₹11.5K Cr | Mar 2026 ₹11.6K Cr | Jun 2026 — - VNOM: Sep 2021 ₹564 Cr | Dec 2021 ₹777 Cr | Mar 2022 ₹721 Cr | Jun 2022 ₹674 Cr | Sep 2022 ₹670 Cr | Dec 2022 ₹577 Cr | Mar 2023 ₹695 Cr | Jun 2023 ₹649 Cr | Sep 2023 ₹676 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹998 Cr | Sep 2024 ₹822 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹822 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - DTM: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 — - AM: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 — - FRO: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 — - HESM: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 — - KNTK: Sep 2021 ₹657 Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 — - SOBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹6.0K Cr | Dec 2023 ₹6.0K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹10.4K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹5.8K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹5.8K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 — - PAGP: Sep 2021 ₹9.5K Cr | Dec 2021 ₹9.6K Cr | Mar 2022 ₹9.2K Cr | Jun 2022 ₹8.9K Cr | Sep 2022 ₹8.7K Cr | Dec 2022 ₹8.8K Cr | Mar 2023 ₹8.3K Cr | Jun 2023 ₹8.3K Cr | Sep 2023 ₹8.3K Cr | Dec 2023 ₹8.0K Cr | Mar 2024 ₹8.1K Cr | Jun 2024 ₹8.3K Cr | Sep 2024 ₹8.2K Cr | Dec 2024 ₹7.8K Cr | Mar 2025 ₹9.0K Cr | Jun 2025 ₹8.9K Cr | Sep 2025 ₹9.6K Cr | Dec 2025 ₹11.5K Cr | Mar 2026 ₹11.6K Cr | Jun 2026 — - GLNG: Sep 2021 ₹2.3K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 — - INSW: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹959 Cr | Jun 2023 ₹986 Cr | Sep 2023 ₹866 Cr | Dec 2023 ₹745 Cr | Mar 2024 ₹711 Cr | Jun 2024 ₹730 Cr | Sep 2024 ₹665 Cr | Dec 2024 ₹712 Cr | Mar 2025 ₹614 Cr | Jun 2025 ₹562 Cr | Sep 2025 ₹804 Cr | Dec 2025 ₹576 Cr | Mar 2026 ₹610 Cr | Jun 2026 — - CMBT: Sep 2021 ₹1.8K Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹5.4K Cr | Jun 2025 ₹5.6K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 — - EE: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹759 Cr | Sep 2022 ₹743 Cr | Dec 2022 ₹716 Cr | Mar 2023 ₹902 Cr | Jun 2023 ₹867 Cr | Sep 2023 ₹849 Cr | Dec 2023 ₹768 Cr | Mar 2024 ₹752 Cr | Jun 2024 ₹734 Cr | Sep 2024 ₹716 Cr | Dec 2024 ₹701 Cr | Mar 2025 ₹677 Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 — - SUNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹14.9K Cr | Dec 2025 ₹14.9K Cr | Mar 2026 ₹15.4K Cr | Jun 2026 — - STNG: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹982 Cr | Sep 2024 ₹901 Cr | Dec 2024 ₹862 Cr | Mar 2025 ₹971 Cr | Jun 2025 ₹910 Cr | Sep 2025 ₹884 Cr | Dec 2025 ₹619 Cr | Mar 2026 ₹581 Cr | Jun 2026 — - BWLP: Sep 2021 ₹892 Cr | Dec 2021 ₹875 Cr | Mar 2022 ₹843 Cr | Jun 2022 ₹653 Cr | Sep 2022 ₹608 Cr | Dec 2022 ₹706 Cr | Mar 2023 ₹716 Cr | Jun 2023 ₹620 Cr | Sep 2023 ₹619 Cr | Dec 2023 ₹570 Cr | Mar 2024 ₹445 Cr | Jun 2024 ₹450 Cr | Sep 2024 ₹602 Cr | Dec 2024 ₹772 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹803 Cr | Mar 2026 ₹898 Cr | Jun 2026 — ### 20-quarter Net debt history - ENB: Sep 2021 ₹70.5K Cr | Dec 2021 ₹75.4K Cr | Mar 2022 ₹76.1K Cr | Jun 2022 ₹77.8K Cr | Sep 2022 ₹81.2K Cr | Dec 2022 ₹80.1K Cr | Mar 2023 ₹79.6K Cr | Jun 2023 ₹78.4K Cr | Sep 2023 ₹74.9K Cr | Dec 2023 ₹75.3K Cr | Mar 2024 ₹86.4K Cr | Jun 2024 ₹88.5K Cr | Sep 2024 ₹93.4K Cr | Dec 2024 ₹99.9K Cr | Mar 2025 ₹1.0 L Cr | Jun 2025 ₹99.9K Cr | Sep 2025 ₹1.0 L Cr | Dec 2025 ₹1.0 L Cr | Mar 2026 ₹1.1 L Cr | Jun 2026 — - WMB: Sep 2021 ₹22.1K Cr | Dec 2021 ₹22.0K Cr | Mar 2022 ₹21.8K Cr | Jun 2022 ₹22.6K Cr | Sep 2022 ₹22.5K Cr | Dec 2022 ₹22.8K Cr | Mar 2023 ₹23.9K Cr | Jun 2023 ₹23.9K Cr | Sep 2023 ₹23.6K Cr | Dec 2023 ₹24.3K Cr | Mar 2024 ₹26.2K Cr | Jun 2024 ₹26.2K Cr | Sep 2024 ₹26.3K Cr | Dec 2024 ₹26.9K Cr | Mar 2025 ₹27.3K Cr | Jun 2025 ₹27.7K Cr | Sep 2025 ₹27.9K Cr | Dec 2025 ₹29.3K Cr | Mar 2026 ₹29.4K Cr | Jun 2026 — - EPD: Sep 2021 ₹27.2K Cr | Dec 2021 ₹26.6K Cr | Mar 2022 ₹29.1K Cr | Jun 2022 ₹28.4K Cr | Sep 2022 ₹28.9K Cr | Dec 2022 ₹28.1K Cr | Mar 2023 ₹28.3K Cr | Jun 2023 ₹28.4K Cr | Sep 2023 ₹28.6K Cr | Dec 2023 ₹28.4K Cr | Mar 2024 ₹29.1K Cr | Jun 2024 ₹29.9K Cr | Sep 2024 ₹30.2K Cr | Dec 2024 ₹31.1K Cr | Mar 2025 ₹31.1K Cr | Jun 2025 ₹31.6K Cr | Sep 2025 ₹33.1K Cr | Dec 2025 ₹33.2K Cr | Mar 2026 ₹33.5K Cr | Jun 2026 — - TRP: Sep 2021 ₹51.7K Cr | Dec 2021 ₹52.1K Cr | Mar 2022 ₹52.5K Cr | Jun 2022 ₹55.6K Cr | Sep 2022 ₹56.7K Cr | Dec 2022 ₹57.7K Cr | Mar 2023 ₹59.2K Cr | Jun 2023 ₹60.6K Cr | Sep 2023 ₹63.6K Cr | Dec 2023 ₹59.5K Cr | Mar 2024 ₹61.4K Cr | Jun 2024 ₹62.5K Cr | Sep 2024 ₹68.6K Cr | Dec 2024 ₹58.6K Cr | Mar 2025 ₹60.0K Cr | Jun 2025 ₹58.0K Cr | Sep 2025 ₹59.6K Cr | Dec 2025 ₹59.9K Cr | Mar 2026 ₹60.7K Cr | Jun 2026 — - KMI: Sep 2021 ₹62.7K Cr | Dec 2021 ₹62.9K Cr | Mar 2022 ₹60.8K Cr | Jun 2022 ₹60.0K Cr | Sep 2022 ₹60.4K Cr | Dec 2022 ₹59.4K Cr | Mar 2023 ₹60.4K Cr | Jun 2023 ₹59.5K Cr | Sep 2023 ₹58.8K Cr | Dec 2023 ₹60.1K Cr | Mar 2024 ₹62.2K Cr | Jun 2024 ₹60.3K Cr | Sep 2024 ₹62.0K Cr | Dec 2024 ₹61.7K Cr | Mar 2025 ₹62.9K Cr | Jun 2025 ₹64.4K Cr | Sep 2025 ₹64.0K Cr | Dec 2025 ₹62.7K Cr | Mar 2026 ₹61.9K Cr | Jun 2026 ₹32.2K Cr - ET: Sep 2021 ₹46.0K Cr | Dec 2021 ₹50.2K Cr | Mar 2022 ₹49.2K Cr | Jun 2022 ₹48.6K Cr | Sep 2022 ₹47.9K Cr | Dec 2022 ₹48.8K Cr | Mar 2023 ₹47.7K Cr | Jun 2023 ₹48.6K Cr | Sep 2023 ₹48.4K Cr | Dec 2023 ₹53.1K Cr | Mar 2024 ₹52.3K Cr | Jun 2024 ₹57.8K Cr | Sep 2024 ₹59.8K Cr | Dec 2024 ₹60.2K Cr | Mar 2025 ₹60.2K Cr | Jun 2025 ₹61.3K Cr | Sep 2025 ₹60.4K Cr | Dec 2025 ₹68.8K Cr | Mar 2026 ₹70.2K Cr | Jun 2026 — - MPLX: Sep 2021 ₹18.5K Cr | Dec 2021 ₹18.8K Cr | Mar 2022 ₹20.0K Cr | Jun 2022 ₹19.8K Cr | Sep 2022 ₹19.9K Cr | Dec 2022 ₹19.8K Cr | Mar 2023 ₹20.3K Cr | Jun 2023 ₹19.9K Cr | Sep 2023 ₹19.7K Cr | Dec 2023 ₹19.6K Cr | Mar 2024 ₹20.3K Cr | Jun 2024 ₹19.8K Cr | Sep 2024 ₹19.9K Cr | Dec 2024 ₹19.7K Cr | Mar 2025 ₹20.2K Cr | Jun 2025 ₹20.1K Cr | Sep 2025 ₹24.2K Cr | Dec 2025 ₹23.8K Cr | Mar 2026 ₹24.4K Cr | Jun 2026 — - TRGP: Sep 2021 ₹6.6K Cr | Dec 2021 ₹6.4K Cr | Mar 2022 ₹7.1K Cr | Jun 2022 ₹7.3K Cr | Sep 2022 ₹11.0K Cr | Dec 2022 ₹11.3K Cr | Mar 2023 ₹12.0K Cr | Jun 2023 ₹12.2K Cr | Sep 2023 ₹12.8K Cr | Dec 2023 ₹12.8K Cr | Mar 2024 ₹12.9K Cr | Jun 2024 ₹13.4K Cr | Sep 2024 ₹14.1K Cr | Dec 2024 ₹14.0K Cr | Mar 2025 ₹16.1K Cr | Jun 2025 ₹16.7K Cr | Sep 2025 ₹17.3K Cr | Dec 2025 ₹17.3K Cr | Mar 2026 ₹19.0K Cr | Jun 2026 — - OKE: Sep 2021 ₹14.0K Cr | Dec 2021 ₹13.6K Cr | Mar 2022 ₹13.8K Cr | Jun 2022 ₹13.7K Cr | Sep 2022 ₹13.8K Cr | Dec 2022 ₹13.5K Cr | Mar 2023 ₹12.6K Cr | Jun 2023 ₹12.7K Cr | Sep 2023 ₹21.8K Cr | Dec 2023 ₹21.3K Cr | Mar 2024 ₹21.9K Cr | Jun 2024 ₹21.8K Cr | Sep 2024 ₹27.6K Cr | Dec 2024 ₹31.3K Cr | Mar 2025 ₹31.9K Cr | Jun 2025 ₹32.4K Cr | Sep 2025 ₹32.5K Cr | Dec 2025 ₹32.7K Cr | Mar 2026 ₹33.5K Cr | Jun 2026 — - LNG: Sep 2021 ₹30.4K Cr | Dec 2021 ₹30.5K Cr | Mar 2022 ₹28.5K Cr | Jun 2022 ₹28.0K Cr | Sep 2022 ₹27.4K Cr | Dec 2022 ₹26.6K Cr | Mar 2023 ₹24.1K Cr | Jun 2023 ₹23.6K Cr | Sep 2023 ₹22.9K Cr | Dec 2023 ₹22.3K Cr | Mar 2024 ₹24.0K Cr | Jun 2024 ₹24.3K Cr | Sep 2024 ₹23.9K Cr | Dec 2024 ₹22.9K Cr | Mar 2025 ₹22.8K Cr | Jun 2025 ₹23.8K Cr | Sep 2025 ₹24.1K Cr | Dec 2025 ₹24.4K Cr | Mar 2026 ₹25.1K Cr | Jun 2026 — - CQP: Sep 2021 ₹16.5K Cr | Dec 2021 ₹16.4K Cr | Mar 2022 ₹16.1K Cr | Jun 2022 ₹16.2K Cr | Sep 2022 ₹16.3K Cr | Dec 2022 ₹15.4K Cr | Mar 2023 ₹15.5K Cr | Jun 2023 ₹15.7K Cr | Sep 2023 ₹15.6K Cr | Dec 2023 ₹15.3K Cr | Mar 2024 ₹15.5K Cr | Jun 2024 ₹15.4K Cr | Sep 2024 ₹15.3K Cr | Dec 2024 ₹14.8K Cr | Mar 2025 ₹14.7K Cr | Jun 2025 ₹14.7K Cr | Sep 2025 ₹14.6K Cr | Dec 2025 ₹14.3K Cr | Mar 2026 ₹13.9K Cr | Jun 2026 — - VG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹9.9K Cr | Dec 2022 ₹9.9K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹15.8K Cr | Dec 2023 ₹15.8K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹22.5K Cr | Dec 2024 ₹26.0K Cr | Mar 2025 ₹26.2K Cr | Jun 2025 ₹28.2K Cr | Sep 2025 ₹31.1K Cr | Dec 2025 ₹32.4K Cr | Mar 2026 ₹35.3K Cr | Jun 2026 — - PBA: Sep 2021 ₹11.8K Cr | Dec 2021 ₹11.9K Cr | Mar 2022 ₹11.8K Cr | Jun 2022 ₹11.7K Cr | Sep 2022 ₹11.0K Cr | Dec 2022 ₹11.2K Cr | Mar 2023 ₹11.3K Cr | Jun 2023 ₹11.2K Cr | Sep 2023 ₹11.1K Cr | Dec 2023 ₹11.0K Cr | Mar 2024 ₹10.1K Cr | Jun 2024 ₹13.2K Cr | Sep 2024 ₹13.3K Cr | Dec 2024 ₹13.2K Cr | Mar 2025 ₹13.0K Cr | Jun 2025 ₹13.2K Cr | Sep 2025 ₹13.1K Cr | Dec 2025 ₹13.2K Cr | Mar 2026 ₹13.7K Cr | Jun 2026 — - WES: Sep 2021 ₹7.0K Cr | Dec 2021 ₹6.7K Cr | Mar 2022 ₹6.7K Cr | Jun 2022 ₹6.6K Cr | Sep 2022 ₹6.9K Cr | Dec 2022 ₹6.5K Cr | Mar 2023 ₹6.6K Cr | Jun 2023 ₹6.6K Cr | Sep 2023 ₹6.8K Cr | Dec 2023 ₹7.6K Cr | Mar 2024 ₹7.1K Cr | Jun 2024 ₹6.8K Cr | Sep 2024 ₹6.8K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹6.8K Cr | Dec 2025 ₹7.8K Cr | Mar 2026 ₹8.0K Cr | Jun 2026 — - PAA: Sep 2021 ₹9.3K Cr | Dec 2021 ₹9.1K Cr | Mar 2022 ₹9.1K Cr | Jun 2022 ₹8.7K Cr | Sep 2022 ₹8.1K Cr | Dec 2022 ₹8.4K Cr | Mar 2023 ₹7.8K Cr | Jun 2023 ₹7.4K Cr | Sep 2023 ₹8.0K Cr | Dec 2023 ₹7.6K Cr | Mar 2024 ₹7.8K Cr | Jun 2024 ₹7.7K Cr | Sep 2024 ₹7.6K Cr | Dec 2024 ₹7.5K Cr | Mar 2025 ₹8.6K Cr | Jun 2025 ₹8.4K Cr | Sep 2025 ₹8.5K Cr | Dec 2025 ₹11.1K Cr | Mar 2026 ₹11.4K Cr | Jun 2026 — - VNOM: Sep 2021 ₹522 Cr | Dec 2021 ₹738 Cr | Mar 2022 ₹688 Cr | Jun 2022 ₹670 Cr | Sep 2022 ₹658 Cr | Dec 2022 ₹559 Cr | Mar 2023 ₹686 Cr | Jun 2023 ₹636 Cr | Sep 2023 ₹529 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹963 Cr | Sep 2024 ₹653 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹262 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - DTM: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 — - AM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹3.0K Cr | Mar 2026 — | Jun 2026 — - FRO: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — - HESM: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 — - KNTK: Sep 2021 ₹548 Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 — - SOBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹5.7K Cr | Dec 2023 ₹5.7K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹9.8K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 — - PAGP: Sep 2021 ₹9.3K Cr | Dec 2021 ₹9.1K Cr | Mar 2022 ₹9.1K Cr | Jun 2022 ₹8.7K Cr | Sep 2022 ₹8.1K Cr | Dec 2022 ₹8.4K Cr | Mar 2023 ₹7.8K Cr | Jun 2023 ₹7.4K Cr | Sep 2023 ₹8.0K Cr | Dec 2023 ₹7.6K Cr | Mar 2024 ₹7.8K Cr | Jun 2024 ₹7.7K Cr | Sep 2024 ₹7.6K Cr | Dec 2024 ₹7.5K Cr | Mar 2025 ₹8.6K Cr | Jun 2025 ₹8.4K Cr | Sep 2025 ₹8.5K Cr | Dec 2025 ₹11.1K Cr | Mar 2026 ₹11.4K Cr | Jun 2026 — - GLNG: Sep 2021 ₹2.2K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹853 Cr | Sep 2022 ₹856 Cr | Dec 2022 ₹310 Cr | Mar 2023 ₹274 Cr | Jun 2023 ₹418 Cr | Sep 2023 ₹451 Cr | Dec 2023 ₹538 Cr | Mar 2024 ₹647 Cr | Jun 2024 ₹646 Cr | Sep 2024 ₹690 Cr | Dec 2024 ₹886 Cr | Mar 2025 ₹898 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - INSW: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹862 Cr | Sep 2022 ₹830 Cr | Dec 2022 ₹751 Cr | Mar 2023 ₹698 Cr | Jun 2023 ₹750 Cr | Sep 2023 ₹652 Cr | Dec 2023 ₹558 Cr | Mar 2024 ₹496 Cr | Jun 2024 ₹554 Cr | Sep 2024 ₹512 Cr | Dec 2024 ₹554 Cr | Mar 2025 ₹481 Cr | Jun 2025 ₹413 Cr | Sep 2025 ₹391 Cr | Dec 2025 ₹409 Cr | Mar 2026 ₹233 Cr | Jun 2026 — - CMBT: Sep 2021 ₹1.7K Cr | Dec 2021 — | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 — | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 — | Mar 2024 ₹1.1K Cr | Jun 2024 — | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹5.2K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹5.5K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 — - EE: Sep 2021 ₹1.1K Cr | Dec 2021 ₹945 Cr | Mar 2022 ₹978 Cr | Jun 2022 ₹373 Cr | Sep 2022 ₹397 Cr | Dec 2022 ₹199 Cr | Mar 2023 ₹372 Cr | Jun 2023 ₹405 Cr | Sep 2023 ₹246 Cr | Dec 2023 ₹212 Cr | Mar 2024 ₹173 Cr | Jun 2024 ₹125 Cr | Sep 2024 ₹108 Cr | Dec 2024 ₹163 Cr | Mar 2025 ₹58 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹986 Cr | Dec 2025 ₹893 Cr | Mar 2026 ₹873 Cr | Jun 2026 — - SUNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹14.0K Cr | Dec 2025 ₹14.0K Cr | Mar 2026 ₹14.7K Cr | Jun 2026 — - STNG: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹757 Cr | Sep 2024 ₹612 Cr | Dec 2024 ₹455 Cr | Mar 2025 ₹433 Cr | Jun 2025 ₹343 Cr | Sep 2025 ₹232 Cr | Dec 2025 ₹-133 Cr | Mar 2026 ₹-403 Cr | Jun 2026 — - BWLP: Sep 2021 ₹752 Cr | Dec 2021 ₹742 Cr | Mar 2022 ₹488 Cr | Jun 2022 ₹484 Cr | Sep 2022 ₹475 Cr | Dec 2022 ₹421 Cr | Mar 2023 ₹387 Cr | Jun 2023 ₹289 Cr | Sep 2023 ₹319 Cr | Dec 2023 ₹282 Cr | Mar 2024 ₹117 Cr | Jun 2024 ₹186 Cr | Sep 2024 ₹289 Cr | Dec 2024 ₹492 Cr | Mar 2025 ₹848 Cr | Jun 2025 ₹813 Cr | Sep 2025 ₹799 Cr | Dec 2025 ₹549 Cr | Mar 2026 ₹612 Cr | Jun 2026 — ## Return On Capital Employed What the numbers say: International Seaways, Inc. leads ROCE at 11.2%, 0.4 percentage points above Frontline plc. Frontline plc has the strongest latest improvement at +9.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: International Seaways, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: International Seaways, Inc. · 11.2% | 3.7% versus #2 · Frontline plc | 2/8 recent comparable periods | 30/30 companies · 537 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. International Seaways, Inc. (INSW): 11% 2. Frontline plc (FRO): 11% 3. BW LPG Limited (BWLP): 8.0% 4. SunocoCorp LLC (SUNC): 6.8% 5. Cmb.Tech NV (CMBT): 5.8% ### ROCE change — fastest improvers 1. Frontline plc (FRO): +9.2 pp 2. International Seaways, Inc. (INSW): +8.7 pp 3. BW LPG Limited (BWLP): +7.1 pp 4. Scorpio Tankers Inc. (STNG): +4.0 pp 5. Cmb.Tech NV (CMBT): +3.8 pp ### 20-quarter ROCE history - ENB: Sep 2021 0.9% | Dec 2021 1.4% | Mar 2022 1.6% | Jun 2022 1.0% | Sep 2022 1.1% | Dec 2022 -0.3% | Mar 2023 1.7% | Jun 2023 1.5% | Sep 2023 1.1% | Dec 2023 1.1% | Mar 2024 1.6% | Jun 2024 1.3% | Sep 2024 1.3% | Dec 2024 1.4% | Mar 2025 1.9% | Jun 2025 1.2% | Sep 2025 1.2% | Dec 2025 1.4% | Mar 2026 1.6% | Jun 2026 — - WMB: Sep 2021 0.9% | Dec 2021 2.2% | Mar 2022 1.6% | Jun 2022 1.1% | Sep 2022 1.9% | Dec 2022 2.5% | Mar 2023 3.1% | Jun 2023 2.0% | Sep 2023 2.2% | Dec 2023 2.4% | Mar 2024 2.2% | Jun 2024 1.5% | Sep 2024 1.8% | Dec 2024 1.7% | Mar 2025 2.3% | Jun 2025 1.9% | Sep 2025 2.2% | Dec 2025 2.1% | Mar 2026 2.5% | Jun 2026 — - EPD: Sep 2021 2.7% | Dec 2021 2.5% | Mar 2022 3.0% | Jun 2022 3.2% | Sep 2022 3.1% | Dec 2022 3.2% | Mar 2023 3.1% | Jun 2023 2.8% | Sep 2023 3.0% | Dec 2023 3.4% | Mar 2024 3.2% | Jun 2024 3.0% | Sep 2024 3.0% | Dec 2024 3.3% | Mar 2025 3.0% | Jun 2025 3.0% | Sep 2025 2.7% | Dec 2025 3.2% | Mar 2026 3.1% | Jun 2026 — - TRP: Sep 2021 1.4% | Dec 2021 1.8% | Mar 2022 1.1% | Jun 2022 1.6% | Sep 2022 1.6% | Dec 2022 1.9% | Mar 2023 1.9% | Jun 2023 1.6% | Sep 2023 1.5% | Dec 2023 1.4% | Mar 2024 1.5% | Jun 2024 1.2% | Sep 2024 1.2% | Dec 2024 1.3% | Mar 2025 1.5% | Jun 2025 1.5% | Sep 2025 1.4% | Dec 2025 1.7% | Mar 2026 1.7% | Jun 2026 — - KMI: Sep 2021 1.3% | Dec 2021 1.4% | Mar 2022 1.6% | Jun 2022 1.6% | Sep 2022 1.5% | Dec 2022 1.7% | Mar 2023 1.9% | Jun 2023 1.6% | Sep 2023 1.5% | Dec 2023 1.7% | Mar 2024 1.9% | Jun 2024 1.6% | Sep 2024 1.6% | Dec 2024 1.7% | Mar 2025 1.7% | Jun 2025 1.7% | Sep 2025 1.6% | Dec 2025 2.0% | Mar 2026 2.1% | Jun 2026 2.0% - ET: Sep 2021 1.6% | Dec 2021 1.8% | Mar 2022 2.0% | Jun 2022 2.3% | Sep 2022 2.2% | Dec 2022 1.9% | Mar 2023 2.2% | Jun 2023 2.0% | Sep 2023 2.4% | Dec 2023 2.2% | Mar 2024 2.4% | Jun 2024 2.3% | Sep 2024 2.1% | Dec 2024 2.1% | Mar 2025 2.3% | Jun 2025 2.1% | Sep 2025 1.9% | Dec 2025 1.7% | Mar 2026 2.5% | Jun 2026 — - MPLX: Sep 2021 2.8% | Dec 2021 2.9% | Mar 2022 2.8% | Jun 2022 3.0% | Sep 2022 4.7% | Dec 2022 2.8% | Mar 2023 3.2% | Jun 2023 3.0% | Sep 2023 2.9% | Dec 2023 3.6% | Mar 2024 3.2% | Jun 2024 3.2% | Sep 2024 3.3% | Dec 2024 3.4% | Mar 2025 3.5% | Jun 2025 3.3% | Sep 2025 3.1% | Dec 2025 3.6% | Mar 2026 2.8% | Jun 2026 — - TRGP: Sep 2021 2.6% | Dec 2021 -0.7% | Mar 2022 2.3% | Jun 2022 3.5% | Sep 2022 3.0% | Dec 2022 3.8% | Mar 2023 5.8% | Jun 2023 4.4% | Sep 2023 3.0% | Dec 2023 3.7% | Mar 2024 3.7% | Jun 2024 3.5% | Sep 2024 4.0% | Dec 2024 3.7% | Mar 2025 2.9% | Jun 2025 5.3% | Sep 2025 4.1% | Dec 2025 4.4% | Mar 2026 3.9% | Jun 2026 — - OKE: Sep 2021 3.1% | Dec 2021 3.1% | Mar 2022 3.2% | Jun 2022 3.3% | Sep 2022 3.4% | Dec 2022 3.6% | Mar 2023 7.0% | Jun 2023 3.4% | Sep 2023 2.4% | Dec 2023 3.5% | Mar 2024 3.4% | Jun 2024 3.9% | Sep 2024 2.6% | Dec 2024 3.1% | Mar 2025 2.5% | Jun 2025 2.9% | Sep 2025 2.9% | Dec 2025 2.6% | Mar 2026 2.4% | Jun 2026 — - LNG: Sep 2021 -6.9% | Dec 2021 1.3% | Mar 2022 -1.8% | Jun 2022 4.4% | Sep 2022 -8.8% | Dec 2022 19% | Mar 2023 22% | Jun 2023 6.5% | Sep 2023 7.6% | Dec 2023 6.6% | Mar 2024 3.1% | Jun 2024 4.2% | Sep 2024 4.3% | Dec 2024 4.4% | Mar 2025 2.5% | Jun 2025 6.4% | Sep 2025 4.5% | Dec 2025 9.1% | Mar 2026 -8.8% | Jun 2026 — - CQP: Sep 2021 3.4% | Dec 2021 4.0% | Mar 2022 2.0% | Jun 2022 3.3% | Sep 2022 -1.8% | Dec 2022 16% | Mar 2023 12% | Jun 2023 5.0% | Sep 2023 6.1% | Dec 2023 6.5% | Mar 2024 5.5% | Jun 2024 4.7% | Sep 2024 5.1% | Dec 2024 5.0% | Mar 2025 5.4% | Jun 2025 4.6% | Sep 2025 4.5% | Dec 2025 9.3% | Mar 2026 2.4% | Jun 2026 — - VG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 1.6% | Dec 2023 3.7% | Mar 2024 — | Jun 2024 — | Sep 2024 0.6% | Dec 2024 1.8% | Mar 2025 5.1% | Jun 2025 4.8% | Sep 2025 3.2% | Dec 2025 3.9% | Mar 2026 2.4% | Jun 2026 — - PBA: Sep 2021 3.0% | Dec 2021 0.8% | Mar 2022 2.5% | Jun 2022 2.2% | Sep 2022 6.4% | Dec 2022 1.5% | Mar 2023 2.0% | Jun 2023 2.0% | Sep 2023 2.0% | Dec 2023 3.2% | Mar 2024 2.2% | Jun 2024 0.4% | Sep 2024 2.0% | Dec 2024 2.9% | Mar 2025 2.5% | Jun 2025 2.0% | Sep 2025 1.7% | Dec 2025 2.4% | Mar 2026 2.3% | Jun 2026 — - WES: Sep 2021 3.7% | Dec 2021 3.1% | Mar 2022 3.8% | Jun 2022 3.8% | Sep 2022 3.4% | Dec 2022 4.2% | Mar 2023 2.8% | Jun 2023 3.2% | Sep 2023 3.3% | Dec 2023 3.6% | Mar 2024 6.2% | Jun 2024 4.2% | Sep 2024 3.5% | Dec 2024 3.8% | Mar 2025 3.6% | Jun 2025 3.9% | Sep 2025 3.9% | Dec 2025 2.4% | Mar 2026 3.8% | Jun 2026 — - PAA: Sep 2021 -0.2% | Dec 2021 2.8% | Mar 2022 1.4% | Jun 2022 2.0% | Sep 2022 3.1% | Dec 2022 -0.2% | Mar 2023 2.1% | Jun 2023 1.7% | Sep 2023 1.1% | Dec 2023 1.9% | Mar 2024 1.7% | Jun 2024 1.5% | Sep 2024 0.9% | Dec 2024 -0.1% | Mar 2025 1.6% | Jun 2025 1.1% | Sep 2025 2.2% | Dec 2025 1.5% | Mar 2026 1.7% | Jun 2026 — - VNOM: Sep 2021 3.7% | Dec 2021 4.7% | Mar 2022 5.9% | Jun 2022 7.1% | Sep 2022 6.4% | Dec 2022 5.4% | Mar 2023 4.1% | Jun 2023 3.8% | Sep 2023 8.0% | Dec 2023 4.2% | Mar 2024 4.0% | Jun 2024 4.3% | Sep 2024 3.7% | Dec 2024 3.2% | Mar 2025 3.1% | Jun 2025 2.0% | Sep 2025 -2.0% | Dec 2025 -2.9% | Mar 2026 2.8% | Jun 2026 — - DTM: Sep 2021 1.6% | Dec 2021 1.7% | Mar 2022 2.6% | Jun 2022 1.7% | Sep 2022 1.5% | Dec 2022 1.4% | Mar 2023 1.3% | Jun 2023 1.4% | Sep 2023 1.5% | Dec 2023 1.4% | Mar 2024 1.5% | Jun 2024 1.5% | Sep 2024 1.5% | Dec 2024 1.3% | Mar 2025 1.6% | Jun 2025 1.7% | Sep 2025 1.7% | Dec 2025 1.6% | Mar 2026 1.7% | Jun 2026 — - AM: Sep 2021 2.6% | Dec 2021 2.3% | Mar 2022 2.4% | Jun 2022 2.4% | Sep 2022 2.5% | Dec 2022 2.6% | Mar 2023 2.7% | Jun 2023 2.6% | Sep 2023 2.9% | Dec 2023 2.7% | Mar 2024 2.9% | Jun 2024 2.7% | Sep 2024 2.9% | Dec 2024 3.1% | Mar 2025 3.1% | Jun 2025 3.3% | Sep 2025 3.2% | Dec 2025 1.8% | Mar 2026 3.2% | Jun 2026 — - FRO: Sep 2021 -0.5% | Dec 2021 0.5% | Mar 2022 0.6% | Jun 2022 1.8% | Sep 2022 2.9% | Dec 2022 6.0% | Mar 2023 6.2% | Jun 2023 6.3% | Sep 2023 2.8% | Dec 2023 2.8% | Mar 2024 4.8% | Jun 2024 5.1% | Sep 2024 2.9% | Dec 2024 2.3% | Mar 2025 1.6% | Jun 2025 2.3% | Sep 2025 1.7% | Dec 2025 5.1% | Mar 2026 11% | Jun 2026 — - HESM: Sep 2021 4.9% | Dec 2021 6.1% | Mar 2022 5.9% | Jun 2022 5.8% | Sep 2022 6.1% | Dec 2022 5.8% | Mar 2023 5.6% | Jun 2023 5.7% | Sep 2023 6.2% | Dec 2023 6.0% | Mar 2024 6.2% | Jun 2024 6.0% | Sep 2024 6.2% | Dec 2024 6.5% | Mar 2025 6.1% | Jun 2025 6.5% | Sep 2025 6.4% | Dec 2025 6.2% | Mar 2026 5.8% | Jun 2026 — - KNTK: Sep 2021 0.9% | Dec 2021 0.2% | Mar 2022 0.5% | Jun 2022 1.1% | Sep 2022 1.2% | Dec 2022 1.0% | Mar 2023 0.5% | Jun 2023 0.6% | Sep 2023 0.7% | Dec 2023 0.9% | Mar 2024 0.4% | Jun 2024 0.9% | Sep 2024 1.2% | Dec 2024 0.4% | Mar 2025 0.3% | Jun 2025 1.2% | Sep 2025 0.3% | Dec 2025 0.7% | Mar 2026 -0.1% | Jun 2026 — - SOBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.7% | Dec 2023 1.6% | Mar 2024 — | Jun 2024 — | Sep 2024 1.7% | Dec 2024 1.8% | Mar 2025 3.7% | Jun 2025 3.8% | Sep 2025 1.5% | Dec 2025 2.1% | Mar 2026 1.7% | Jun 2026 — - PAGP: Sep 2021 -0.2% | Dec 2021 2.6% | Mar 2022 1.3% | Jun 2022 1.9% | Sep 2022 2.9% | Dec 2022 -0.2% | Mar 2023 2.0% | Jun 2023 1.6% | Sep 2023 1.0% | Dec 2023 1.8% | Mar 2024 1.6% | Jun 2024 1.4% | Sep 2024 0.8% | Dec 2024 -0.1% | Mar 2025 1.5% | Jun 2025 1.0% | Sep 2025 2.0% | Dec 2025 1.4% | Mar 2026 1.6% | Jun 2026 — - GLNG: Sep 2021 3.6% | Dec 2021 2.3% | Mar 2022 7.4% | Jun 2022 5.4% | Sep 2022 2.3% | Dec 2022 0.1% | Mar 2023 -1.2% | Jun 2023 -0.3% | Sep 2023 2.6% | Dec 2023 -0.7% | Mar 2024 1.5% | Jun 2024 0.8% | Sep 2024 -0.8% | Dec 2024 0.2% | Mar 2025 0.1% | Jun 2025 0.0% | Sep 2025 1.3% | Dec 2025 1.2% | Mar 2026 2.7% | Jun 2026 — - INSW: Sep 2021 -3.0% | Dec 2021 -0.8% | Mar 2022 0.0% | Jun 2022 4.6% | Sep 2022 5.8% | Dec 2022 10% | Mar 2023 7.3% | Jun 2023 7.4% | Sep 2023 5.0% | Dec 2023 4.1% | Mar 2024 6.5% | Jun 2024 4.0% | Sep 2024 3.0% | Dec 2024 2.6% | Mar 2025 2.5% | Jun 2025 2.0% | Sep 2025 2.1% | Dec 2025 4.8% | Mar 2026 11% | Jun 2026 — - CMBT: Sep 2021 -2.6% | Dec 2021 -1.7% | Mar 2022 -0.5% | Jun 2022 0.4% | Sep 2022 1.2% | Dec 2022 7.2% | Mar 2023 5.6% | Jun 2023 5.2% | Sep 2023 4.0% | Dec 2023 13% | Mar 2024 15% | Jun 2024 6.4% | Sep 2024 4.0% | Dec 2024 4.2% | Mar 2025 2.0% | Jun 2025 2.1% | Sep 2025 2.4% | Dec 2025 3.9% | Mar 2026 5.8% | Jun 2026 — - EE: Sep 2021 1.3% | Dec 2021 1.1% | Mar 2022 3.8% | Jun 2022 3.2% | Sep 2022 2.3% | Dec 2022 2.6% | Mar 2023 2.1% | Jun 2023 2.1% | Sep 2023 2.6% | Dec 2023 1.6% | Mar 2024 1.7% | Jun 2024 1.9% | Sep 2024 2.2% | Dec 2024 2.3% | Mar 2025 2.5% | Jun 2025 1.3% | Sep 2025 2.7% | Dec 2025 2.2% | Mar 2026 2.5% | Jun 2026 — - SUNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 6.8% | Jun 2026 — - STNG: Sep 2021 -0.9% | Dec 2021 -0.2% | Mar 2022 -1.0% | Jun 2022 5.2% | Sep 2022 7.0% | Dec 2022 7.2% | Mar 2023 5.6% | Jun 2023 4.2% | Sep 2023 3.6% | Dec 2023 4.1% | Mar 2024 6.1% | Jun 2024 6.7% | Sep 2024 4.7% | Dec 2024 2.6% | Mar 2025 1.6% | Jun 2025 2.1% | Sep 2025 2.2% | Dec 2025 3.6% | Mar 2026 5.6% | Jun 2026 — - BWLP: Sep 2021 1.8% | Dec 2021 3.3% | Mar 2022 3.1% | Jun 2022 2.4% | Sep 2022 2.7% | Dec 2022 4.8% | Mar 2023 6.6% | Jun 2023 4.2% | Sep 2023 6.9% | Dec 2023 9.0% | Mar 2024 7.9% | Jun 2024 4.7% | Sep 2024 7.5% | Dec 2024 2.1% | Mar 2025 0.9% | Jun 2025 2.6% | Sep 2025 3.0% | Dec 2025 5.2% | Mar 2026 8.0% | Jun 2026 — ### 20-quarter ROCE change history - ENB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −1.7 pp | Mar 2023 +0.1 pp | Jun 2023 +0.5 pp | Sep 2023 0.0 pp | Dec 2023 +1.4 pp | Mar 2024 −0.1 pp | Jun 2024 −0.2 pp | Sep 2024 +0.2 pp | Dec 2024 +0.3 pp | Mar 2025 +0.3 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 0.0 pp | Mar 2026 −0.3 pp | Jun 2026 — - WMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +0.3 pp | Mar 2023 +1.5 pp | Jun 2023 +0.9 pp | Sep 2023 +0.3 pp | Dec 2023 −0.1 pp | Mar 2024 −0.9 pp | Jun 2024 −0.5 pp | Sep 2024 −0.4 pp | Dec 2024 −0.7 pp | Mar 2025 +0.1 pp | Jun 2025 +0.4 pp | Sep 2025 +0.4 pp | Dec 2025 +0.4 pp | Mar 2026 +0.2 pp | Jun 2026 — - EPD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.7 pp | Mar 2023 +0.1 pp | Jun 2023 −0.4 pp | Sep 2023 −0.1 pp | Dec 2023 +0.2 pp | Mar 2024 +0.1 pp | Jun 2024 +0.2 pp | Sep 2024 0.0 pp | Dec 2024 −0.1 pp | Mar 2025 −0.2 pp | Jun 2025 0.0 pp | Sep 2025 −0.3 pp | Dec 2025 −0.1 pp | Mar 2026 +0.1 pp | Jun 2026 — - TRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.1 pp | Mar 2023 +0.8 pp | Jun 2023 0.0 pp | Sep 2023 −0.1 pp | Dec 2023 −0.5 pp | Mar 2024 −0.4 pp | Jun 2024 −0.4 pp | Sep 2024 −0.3 pp | Dec 2024 −0.1 pp | Mar 2025 0.0 pp | Jun 2025 +0.3 pp | Sep 2025 +0.2 pp | Dec 2025 +0.4 pp | Mar 2026 +0.2 pp | Jun 2026 — - KMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.3 pp | Mar 2023 +0.3 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 0.0 pp | Mar 2025 −0.2 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 +0.3 pp | Mar 2026 +0.4 pp | Jun 2026 +0.3 pp - ET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 +0.1 pp | Mar 2023 +0.2 pp | Jun 2023 −0.3 pp | Sep 2023 +0.2 pp | Dec 2023 +0.3 pp | Mar 2024 +0.2 pp | Jun 2024 +0.3 pp | Sep 2024 −0.3 pp | Dec 2024 −0.1 pp | Mar 2025 −0.1 pp | Jun 2025 −0.2 pp | Sep 2025 −0.2 pp | Dec 2025 −0.4 pp | Mar 2026 +0.2 pp | Jun 2026 — - MPLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 −0.1 pp | Mar 2023 +0.4 pp | Jun 2023 0.0 pp | Sep 2023 −1.8 pp | Dec 2023 +0.8 pp | Mar 2024 0.0 pp | Jun 2024 +0.2 pp | Sep 2024 +0.4 pp | Dec 2024 −0.2 pp | Mar 2025 +0.3 pp | Jun 2025 +0.1 pp | Sep 2025 −0.2 pp | Dec 2025 +0.2 pp | Mar 2026 −0.7 pp | Jun 2026 — - TRGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +4.5 pp | Mar 2023 +3.5 pp | Jun 2023 +0.9 pp | Sep 2023 0.0 pp | Dec 2023 −0.1 pp | Mar 2024 −2.1 pp | Jun 2024 −0.9 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 −0.8 pp | Jun 2025 +1.8 pp | Sep 2025 +0.1 pp | Dec 2025 +0.7 pp | Mar 2026 +1.0 pp | Jun 2026 — - OKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.5 pp | Mar 2023 +3.8 pp | Jun 2023 +0.1 pp | Sep 2023 −1.0 pp | Dec 2023 −0.1 pp | Mar 2024 −3.6 pp | Jun 2024 +0.5 pp | Sep 2024 +0.2 pp | Dec 2024 −0.4 pp | Mar 2025 −0.9 pp | Jun 2025 −1.0 pp | Sep 2025 +0.3 pp | Dec 2025 −0.5 pp | Mar 2026 −0.1 pp | Jun 2026 — - LNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 +18.1 pp | Mar 2023 +23.9 pp | Jun 2023 +2.1 pp | Sep 2023 +16.4 pp | Dec 2023 −12.8 pp | Mar 2024 −19.0 pp | Jun 2024 −2.3 pp | Sep 2024 −3.3 pp | Dec 2024 −2.2 pp | Mar 2025 −0.6 pp | Jun 2025 +2.2 pp | Sep 2025 +0.2 pp | Dec 2025 +4.7 pp | Mar 2026 −11.3 pp | Jun 2026 — - CQP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.2 pp | Dec 2022 +11.7 pp | Mar 2023 +10.0 pp | Jun 2023 +1.7 pp | Sep 2023 +7.9 pp | Dec 2023 −9.2 pp | Mar 2024 −6.5 pp | Jun 2024 −0.3 pp | Sep 2024 −1.0 pp | Dec 2024 −1.5 pp | Mar 2025 −0.1 pp | Jun 2025 −0.1 pp | Sep 2025 −0.6 pp | Dec 2025 +4.3 pp | Mar 2026 −3.0 pp | Jun 2026 — - VG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 +3.7 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 −1.9 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +2.6 pp | Dec 2025 +2.1 pp | Mar 2026 −2.7 pp | Jun 2026 — - PBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 +0.7 pp | Mar 2023 −0.5 pp | Jun 2023 −0.2 pp | Sep 2023 −4.4 pp | Dec 2023 +1.7 pp | Mar 2024 +0.2 pp | Jun 2024 −1.6 pp | Sep 2024 0.0 pp | Dec 2024 −0.3 pp | Mar 2025 +0.3 pp | Jun 2025 +1.6 pp | Sep 2025 −0.3 pp | Dec 2025 −0.5 pp | Mar 2026 −0.2 pp | Jun 2026 — - WES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 +1.1 pp | Mar 2023 −1.0 pp | Jun 2023 −0.6 pp | Sep 2023 −0.1 pp | Dec 2023 −0.6 pp | Mar 2024 +3.4 pp | Jun 2024 +1.0 pp | Sep 2024 +0.2 pp | Dec 2024 +0.2 pp | Mar 2025 −2.6 pp | Jun 2025 −0.3 pp | Sep 2025 +0.4 pp | Dec 2025 −1.4 pp | Mar 2026 +0.2 pp | Jun 2026 — - PAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.3 pp | Dec 2022 −3.0 pp | Mar 2023 +0.7 pp | Jun 2023 −0.3 pp | Sep 2023 −2.0 pp | Dec 2023 +2.1 pp | Mar 2024 −0.4 pp | Jun 2024 −0.2 pp | Sep 2024 −0.2 pp | Dec 2024 −2.0 pp | Mar 2025 −0.1 pp | Jun 2025 −0.4 pp | Sep 2025 +1.3 pp | Dec 2025 +1.6 pp | Mar 2026 +0.1 pp | Jun 2026 — - VNOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.7 pp | Dec 2022 +0.7 pp | Mar 2023 −1.8 pp | Jun 2023 −3.3 pp | Sep 2023 +1.6 pp | Dec 2023 −1.2 pp | Mar 2024 −0.1 pp | Jun 2024 +0.5 pp | Sep 2024 −4.3 pp | Dec 2024 −1.0 pp | Mar 2025 −0.9 pp | Jun 2025 −2.3 pp | Sep 2025 −5.7 pp | Dec 2025 −6.1 pp | Mar 2026 −0.3 pp | Jun 2026 — - DTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.3 pp | Mar 2023 −1.3 pp | Jun 2023 −0.3 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 +0.2 pp | Jun 2024 +0.1 pp | Sep 2024 0.0 pp | Dec 2024 −0.1 pp | Mar 2025 +0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +0.3 pp | Mar 2026 +0.1 pp | Jun 2026 — - AM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +0.3 pp | Mar 2023 +0.3 pp | Jun 2023 +0.2 pp | Sep 2023 +0.4 pp | Dec 2023 +0.1 pp | Mar 2024 +0.2 pp | Jun 2024 +0.1 pp | Sep 2024 0.0 pp | Dec 2024 +0.4 pp | Mar 2025 +0.2 pp | Jun 2025 +0.6 pp | Sep 2025 +0.3 pp | Dec 2025 −1.3 pp | Mar 2026 +0.1 pp | Jun 2026 — - FRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 +5.5 pp | Mar 2023 +5.6 pp | Jun 2023 +4.5 pp | Sep 2023 −0.1 pp | Dec 2023 −3.2 pp | Mar 2024 −1.4 pp | Jun 2024 −1.2 pp | Sep 2024 +0.1 pp | Dec 2024 −0.5 pp | Mar 2025 −3.2 pp | Jun 2025 −2.8 pp | Sep 2025 −1.2 pp | Dec 2025 +2.8 pp | Mar 2026 +9.2 pp | Jun 2026 — - HESM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 −0.3 pp | Mar 2023 −0.3 pp | Jun 2023 −0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.2 pp | Mar 2024 +0.6 pp | Jun 2024 +0.3 pp | Sep 2024 0.0 pp | Dec 2024 +0.5 pp | Mar 2025 −0.1 pp | Jun 2025 +0.5 pp | Sep 2025 +0.2 pp | Dec 2025 −0.3 pp | Mar 2026 −0.3 pp | Jun 2026 — - KNTK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.8 pp | Mar 2023 0.0 pp | Jun 2023 −0.5 pp | Sep 2023 −0.5 pp | Dec 2023 −0.1 pp | Mar 2024 −0.1 pp | Jun 2024 +0.3 pp | Sep 2024 +0.5 pp | Dec 2024 −0.5 pp | Mar 2025 −0.1 pp | Jun 2025 +0.3 pp | Sep 2025 −0.9 pp | Dec 2025 +0.3 pp | Mar 2026 −0.4 pp | Jun 2026 — - SOBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 +0.2 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −0.2 pp | Dec 2025 +0.3 pp | Mar 2026 −2.0 pp | Jun 2026 — - PAGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.1 pp | Dec 2022 −2.8 pp | Mar 2023 +0.7 pp | Jun 2023 −0.3 pp | Sep 2023 −1.9 pp | Dec 2023 +2.0 pp | Mar 2024 −0.4 pp | Jun 2024 −0.2 pp | Sep 2024 −0.2 pp | Dec 2024 −1.9 pp | Mar 2025 −0.1 pp | Jun 2025 −0.4 pp | Sep 2025 +1.2 pp | Dec 2025 +1.5 pp | Mar 2026 +0.1 pp | Jun 2026 — - GLNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 −2.2 pp | Mar 2023 −8.6 pp | Jun 2023 −5.7 pp | Sep 2023 +0.3 pp | Dec 2023 −0.8 pp | Mar 2024 +2.7 pp | Jun 2024 +1.1 pp | Sep 2024 −3.4 pp | Dec 2024 +0.9 pp | Mar 2025 −1.4 pp | Jun 2025 −0.8 pp | Sep 2025 +2.1 pp | Dec 2025 +1.0 pp | Mar 2026 +2.6 pp | Jun 2026 — - INSW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.8 pp | Dec 2022 +11.2 pp | Mar 2023 +7.3 pp | Jun 2023 +2.8 pp | Sep 2023 −0.8 pp | Dec 2023 −6.3 pp | Mar 2024 −0.8 pp | Jun 2024 −3.4 pp | Sep 2024 −2.0 pp | Dec 2024 −1.5 pp | Mar 2025 −4.0 pp | Jun 2025 −2.0 pp | Sep 2025 −0.9 pp | Dec 2025 +2.2 pp | Mar 2026 +8.7 pp | Jun 2026 — - CMBT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.8 pp | Dec 2022 +8.9 pp | Mar 2023 +6.1 pp | Jun 2023 +4.8 pp | Sep 2023 +2.8 pp | Dec 2023 +5.5 pp | Mar 2024 +9.2 pp | Jun 2024 +1.2 pp | Sep 2024 0.0 pp | Dec 2024 −8.5 pp | Mar 2025 −12.8 pp | Jun 2025 −4.3 pp | Sep 2025 −1.6 pp | Dec 2025 −0.3 pp | Mar 2026 +3.8 pp | Jun 2026 — - EE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +1.5 pp | Mar 2023 −1.7 pp | Jun 2023 −1.1 pp | Sep 2023 +0.3 pp | Dec 2023 −1.0 pp | Mar 2024 −0.4 pp | Jun 2024 −0.2 pp | Sep 2024 −0.4 pp | Dec 2024 +0.7 pp | Mar 2025 +0.8 pp | Jun 2025 −0.6 pp | Sep 2025 +0.5 pp | Dec 2025 −0.1 pp | Mar 2026 0.0 pp | Jun 2026 — - STNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.9 pp | Dec 2022 +7.4 pp | Mar 2023 +6.6 pp | Jun 2023 −1.0 pp | Sep 2023 −3.4 pp | Dec 2023 −3.1 pp | Mar 2024 +0.5 pp | Jun 2024 +2.5 pp | Sep 2024 +1.1 pp | Dec 2024 −1.5 pp | Mar 2025 −4.5 pp | Jun 2025 −4.6 pp | Sep 2025 −2.5 pp | Dec 2025 +1.0 pp | Mar 2026 +4.0 pp | Jun 2026 — - BWLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +1.5 pp | Mar 2023 +3.5 pp | Jun 2023 +1.8 pp | Sep 2023 +4.2 pp | Dec 2023 +4.2 pp | Mar 2024 +1.3 pp | Jun 2024 +0.5 pp | Sep 2024 +0.6 pp | Dec 2024 −6.9 pp | Mar 2025 −7.0 pp | Jun 2025 −2.1 pp | Sep 2025 −4.5 pp | Dec 2025 +3.1 pp | Mar 2026 +7.1 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: International Seaways, Inc. has the lowest comparable Guarded PEG at 0.09×, 25% below Scorpio Tankers Inc.. Only 25 of 30 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: International Seaways, Inc. · 0.09× | 25% versus #2 · Scorpio Tankers Inc. | 0/8 recent comparable periods | 25/30 companies · 116 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction. ### Guarded PEG — lowest PEG 1. International Seaways, Inc. (INSW): 0.1 2. Scorpio Tankers Inc. (STNG): 0.1 3. Venture Global, Inc. (VG): 0.1 4. Western Midstream Partners, LP (WES): 0.2 5. Frontline plc (FRO): 0.2 ### P/E — lowest P/E 1. International Seaways, Inc. (INSW): 6.6 2. BW LPG Limited (BWLP): 7.3 3. Scorpio Tankers Inc. (STNG): 7.3 4. Cmb.Tech NV (CMBT): 7.9 5. Frontline plc (FRO): 8.6 ### 20-quarter Guarded PEG history - ENB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.5 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.3 | Sep 2025 — | Dec 2025 0.6 | Mar 2026 2.9 | Jun 2026 — - WMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 0.6 | Dec 2023 0.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 6.0 | Sep 2025 — | Dec 2025 1.7 | Mar 2026 1.5 | Jun 2026 — - EPD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 1.0 | Sep 2023 2.0 | Dec 2023 — | Mar 2024 — | Jun 2024 1.8 | Sep 2024 1.2 | Dec 2024 1.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - TRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - KMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.5 | Mar 2025 4.5 | Jun 2025 2.2 | Sep 2025 3.3 | Dec 2025 1.2 | Mar 2026 0.8 | Jun 2026 — - ET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.4 | Dec 2024 0.9 | Mar 2025 0.7 | Jun 2025 1.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MPLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.5 | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 — | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 1.8 | Jun 2026 — - TRGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.9 | Jun 2024 0.9 | Sep 2024 0.6 | Dec 2024 0.6 | Mar 2025 3.2 | Jun 2025 0.5 | Sep 2025 0.7 | Dec 2025 0.5 | Mar 2026 — | Jun 2026 — - OKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.0 | Jun 2025 1.4 | Sep 2025 1.0 | Dec 2025 — | Mar 2026 1.7 | Jun 2026 — - LNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.9 | Dec 2025 — | Mar 2026 — | Jun 2026 — - CQP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.5 | Mar 2026 — | Jun 2026 — - VG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.1 | Mar 2026 — | Jun 2026 — - PBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - WES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.4 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - PAA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.5 | Jun 2026 — - VNOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.3 | Mar 2024 — | Jun 2024 1.2 | Sep 2024 — | Dec 2024 0.6 | Mar 2025 — | Jun 2025 0.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - DTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.7 | Jun 2023 1.2 | Sep 2023 — | Dec 2023 — | Mar 2024 2.0 | Jun 2024 1.9 | Sep 2024 1.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.4 | Mar 2026 1.3 | Jun 2026 — - AM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.8 | Dec 2023 1.2 | Mar 2024 1.1 | Jun 2024 1.3 | Sep 2024 1.7 | Dec 2024 2.3 | Mar 2025 2.4 | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 — | Mar 2026 — | Jun 2026 — - FRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - HESM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.6 | Jun 2023 2.6 | Sep 2023 — | Dec 2023 — | Mar 2024 1.5 | Jun 2024 1.0 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 1.1 | Jun 2025 0.8 | Sep 2025 0.6 | Dec 2025 0.8 | Mar 2026 1.0 | Jun 2026 — - KNTK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.0 | Jun 2023 — | Sep 2023 — | Dec 2023 0.2 | Mar 2024 — | Jun 2024 0.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - SOBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.4 | Mar 2026 0.4 | Jun 2026 — - PAGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.9 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.8 | Jun 2026 — - GLNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.8 | Mar 2026 — | Jun 2026 — - INSW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - EE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.4 | Jun 2024 — | Sep 2024 — | Dec 2024 1.1 | Mar 2025 0.4 | Jun 2025 0.7 | Sep 2025 0.4 | Dec 2025 3.9 | Mar 2026 — | Jun 2026 — - STNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.3 | Dec 2024 0.1 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - BWLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.1 | Sep 2024 0.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.3 | Jun 2026 — ### 20-quarter P/E history - ENB: Sep 2021 17.7 | Dec 2021 17.2 | Mar 2022 19.9 | Jun 2022 22.5 | Sep 2022 18.9 | Dec 2022 41.3 | Mar 2023 44.0 | Jun 2023 26.5 | Sep 2023 30.2 | Dec 2023 16.8 | Mar 2024 18.5 | Jun 2024 18.7 | Sep 2024 18.8 | Dec 2024 26.1 | Mar 2025 23.5 | Jun 2025 21.7 | Sep 2025 27.4 | Dec 2025 20.4 | Mar 2026 25.5 | Jun 2026 — - WMB: Sep 2021 31.6 | Dec 2021 21.0 | Mar 2022 27.8 | Jun 2022 24.4 | Sep 2022 17.5 | Dec 2022 19.7 | Mar 2023 15.0 | Jun 2023 16.0 | Sep 2023 16.1 | Dec 2023 13.4 | Mar 2024 20.1 | Jun 2024 22.5 | Sep 2024 23.7 | Dec 2024 29.7 | Mar 2025 32.0 | Jun 2025 31.6 | Sep 2025 32.7 | Dec 2025 28.1 | Mar 2026 31.9 | Jun 2026 — - EPD: Sep 2021 12.2 | Dec 2021 10.5 | Mar 2022 12.4 | Jun 2022 11.0 | Sep 2022 10.3 | Dec 2022 9.7 | Mar 2023 10.2 | Jun 2023 10.7 | Sep 2023 11.2 | Dec 2023 10.5 | Mar 2024 11.4 | Jun 2024 11.1 | Sep 2024 10.9 | Dec 2024 11.7 | Mar 2025 12.8 | Jun 2025 11.6 | Sep 2025 11.8 | Dec 2025 12.1 | Mar 2026 14.0 | Jun 2026 — - TRP: Sep 2021 32.3 | Dec 2021 31.6 | Mar 2022 21.4 | Jun 2022 20.8 | Sep 2022 17.2 | Dec 2022 84.3 | Mar 2023 32.7 | Jun 2023 56.4 | Sep 2023 — | Dec 2023 18.8 | Mar 2024 20.8 | Jun 2024 15.7 | Sep 2024 13.1 | Dec 2024 15.1 | Mar 2025 16.1 | Jun 2025 16.3 | Sep 2025 23.2 | Dec 2025 23.1 | Mar 2026 27.3 | Jun 2026 — - KMI: Sep 2021 21.7 | Dec 2021 20.3 | Mar 2022 42.0 | Jun 2022 15.7 | Sep 2022 15.1 | Dec 2022 16.1 | Mar 2023 15.5 | Jun 2023 15.5 | Sep 2023 15.1 | Dec 2023 16.6 | Mar 2024 16.7 | Jun 2024 18.1 | Sep 2024 19.4 | Dec 2024 23.4 | Mar 2025 24.6 | Jun 2025 24.1 | Sep 2025 23.2 | Dec 2025 20.1 | Mar 2026 22.5 | Jun 2026 20.5 - ET: Sep 2021 5.3 | Dec 2021 4.4 | Mar 2022 10.6 | Jun 2022 8.0 | Sep 2022 8.2 | Dec 2022 8.5 | Mar 2023 9.3 | Jun 2023 10.6 | Sep 2023 13.2 | Dec 2023 12.7 | Mar 2024 14.4 | Jun 2024 13.6 | Sep 2024 11.8 | Dec 2024 15.3 | Mar 2025 14.1 | Jun 2025 14.1 | Sep 2025 13.7 | Dec 2025 13.6 | Mar 2026 16.1 | Jun 2026 — - MPLX: Sep 2021 10.5 | Dec 2021 10.4 | Mar 2022 11.2 | Jun 2022 9.3 | Sep 2022 8.0 | Dec 2022 8.8 | Mar 2023 8.9 | Jun 2023 8.6 | Sep 2023 10.2 | Dec 2023 9.7 | Mar 2024 10.7 | Jun 2024 10.3 | Sep 2024 10.5 | Dec 2024 11.4 | Mar 2025 12.4 | Jun 2025 12.2 | Sep 2025 10.6 | Dec 2025 11.1 | Mar 2026 12.4 | Jun 2026 — - TRGP: Sep 2021 37.9 | Dec 2021 — | Mar 2022 — | Jun 2022 67.8 | Sep 2022 56.9 | Dec 2022 18.9 | Mar 2023 18.9 | Jun 2023 20.6 | Sep 2023 22.4 | Dec 2023 23.7 | Mar 2024 23.0 | Jun 2024 27.1 | Sep 2024 26.8 | Dec 2024 31.1 | Mar 2025 36.9 | Jun 2025 25.0 | Sep 2025 22.6 | Dec 2025 21.7 | Mar 2026 25.6 | Jun 2026 — - OKE: Sep 2021 18.1 | Dec 2021 17.5 | Mar 2022 21.0 | Jun 2022 15.8 | Sep 2022 14.2 | Dec 2022 17.1 | Mar 2023 12.0 | Jun 2023 11.4 | Sep 2023 11.6 | Dec 2023 12.8 | Mar 2024 18.6 | Jun 2024 17.8 | Sep 2024 19.1 | Dec 2024 19.4 | Mar 2025 19.4 | Jun 2025 15.9 | Sep 2025 13.4 | Dec 2025 13.6 | Mar 2026 16.1 | Jun 2026 — - LNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 26.6 | Mar 2023 5.0 | Jun 2023 4.5 | Sep 2023 3.3 | Dec 2023 4.2 | Mar 2024 7.9 | Jun 2024 9.3 | Sep 2024 11.5 | Dec 2024 15.1 | Mar 2025 16.9 | Jun 2025 14.2 | Sep 2025 13.1 | Dec 2025 8.1 | Mar 2026 46.7 | Jun 2026 — - CQP: Sep 2021 14.3 | Dec 2021 14.1 | Mar 2022 25.2 | Jun 2022 25.5 | Sep 2022 — | Dec 2022 17.4 | Mar 2023 6.9 | Jun 2023 6.2 | Sep 2023 5.3 | Dec 2023 7.2 | Mar 2024 10.7 | Jun 2024 10.4 | Sep 2024 10.5 | Dec 2024 12.5 | Mar 2025 15.9 | Jun 2025 13.6 | Sep 2025 14.0 | Dec 2025 10.3 | Mar 2026 15.1 | Jun 2026 — - VG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 22.9 | Jun 2025 33.2 | Sep 2025 18.2 | Dec 2025 7.9 | Mar 2026 17.5 | Jun 2026 — - PBA: Sep 2021 — | Dec 2021 19.3 | Mar 2022 20.5 | Jun 2022 17.6 | Sep 2022 8.7 | Dec 2022 9.0 | Mar 2023 8.9 | Jun 2023 8.6 | Sep 2023 18.8 | Dec 2023 15.3 | Mar 2024 15.4 | Jun 2024 15.6 | Sep 2024 17.0 | Dec 2024 17.7 | Mar 2025 18.8 | Jun 2025 17.2 | Sep 2025 20.1 | Dec 2025 19.7 | Mar 2026 23.4 | Jun 2026 — - WES: Sep 2021 9.4 | Dec 2021 10.2 | Mar 2022 10.1 | Jun 2022 9.1 | Sep 2022 9.2 | Dec 2022 9.0 | Mar 2023 9.5 | Jun 2023 9.9 | Sep 2023 10.1 | Dec 2023 11.3 | Mar 2024 10.0 | Jun 2024 10.2 | Sep 2024 9.8 | Dec 2024 9.6 | Mar 2025 12.2 | Jun 2025 11.9 | Sep 2025 11.6 | Dec 2025 13.3 | Mar 2026 13.5 | Jun 2026 — - PAA: Sep 2021 — | Dec 2021 17.0 | Mar 2022 46.8 | Jun 2022 12.0 | Sep 2022 7.3 | Dec 2022 9.9 | Mar 2023 8.2 | Jun 2023 8.7 | Sep 2023 11.4 | Dec 2023 10.8 | Mar 2024 15.1 | Jun 2024 17.0 | Sep 2024 16.2 | Dec 2024 23.4 | Mar 2025 22.7 | Jun 2025 23.5 | Sep 2025 15.4 | Dec 2025 10.8 | Mar 2026 18.5 | Jun 2026 — - VNOM: Sep 2021 — | Dec 2021 25.1 | Mar 2022 11.6 | Jun 2022 9.1 | Sep 2022 7.7 | Dec 2022 28.9 | Mar 2023 12.4 | Jun 2023 12.0 | Sep 2023 12.2 | Dec 2023 11.7 | Mar 2024 16.5 | Jun 2024 14.8 | Sep 2024 23.3 | Dec 2024 12.9 | Mar 2025 11.9 | Jun 2025 11.0 | Sep 2025 15.8 | Dec 2025 — | Mar 2026 — | Jun 2026 — - DTM: Sep 2021 15.5 | Dec 2021 15.2 | Mar 2022 17.0 | Jun 2022 14.3 | Sep 2022 13.6 | Dec 2022 14.5 | Mar 2023 13.0 | Jun 2023 13.0 | Sep 2023 14.7 | Dec 2023 13.9 | Mar 2024 14.9 | Jun 2024 17.1 | Sep 2024 19.1 | Dec 2024 27.6 | Mar 2025 26.3 | Jun 2025 29.5 | Sep 2025 28.6 | Dec 2025 27.8 | Mar 2026 29.8 | Jun 2026 — - AM: Sep 2021 15.1 | Dec 2021 14.0 | Mar 2022 15.8 | Jun 2022 13.1 | Sep 2022 13.7 | Dec 2022 15.9 | Mar 2023 15.2 | Jun 2023 16.6 | Sep 2023 16.4 | Dec 2023 16.3 | Mar 2024 17.6 | Jun 2024 18.4 | Sep 2024 18.6 | Dec 2024 18.2 | Mar 2025 20.7 | Jun 2025 20.0 | Sep 2025 19.8 | Dec 2025 20.7 | Mar 2026 26.5 | Jun 2026 — - FRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27.7 | Sep 2022 9.2 | Dec 2022 5.5 | Mar 2023 5.7 | Jun 2023 3.9 | Sep 2023 5.4 | Dec 2023 6.8 | Mar 2024 8.2 | Jun 2024 9.7 | Sep 2024 9.3 | Dec 2024 6.4 | Mar 2025 9.5 | Jun 2025 15.3 | Sep 2025 23.3 | Dec 2025 12.8 | Mar 2026 8.6 | Jun 2026 — - HESM: Sep 2021 17.5 | Dec 2021 15.7 | Mar 2022 16.5 | Jun 2022 14.9 | Sep 2022 12.6 | Dec 2022 14.9 | Mar 2023 14.5 | Jun 2023 15.4 | Sep 2023 14.4 | Dec 2023 15.2 | Mar 2024 16.4 | Jun 2024 15.8 | Sep 2024 14.9 | Dec 2024 14.9 | Mar 2025 16.6 | Jun 2025 14.3 | Sep 2025 12.3 | Dec 2025 12.1 | Mar 2026 13.5 | Jun 2026 — - KNTK: Sep 2021 13.5 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 22.5 | Mar 2023 24.3 | Jun 2023 21.4 | Sep 2023 41.7 | Dec 2023 13.3 | Mar 2024 16.0 | Jun 2024 15.8 | Sep 2024 16.4 | Dec 2024 55.6 | Mar 2025 54.7 | Jun 2025 59.5 | Sep 2025 101.8 | Dec 2025 13.7 | Mar 2026 19.8 | Jun 2026 — - SOBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 15.6 | Mar 2025 18.4 | Jun 2025 18.2 | Sep 2025 17.8 | Dec 2025 13.3 | Mar 2026 16.4 | Jun 2026 — - PAGP: Sep 2021 — | Dec 2021 32.7 | Mar 2022 165.0 | Jun 2022 17.8 | Sep 2022 10.3 | Dec 2022 14.5 | Mar 2023 11.9 | Jun 2023 12.5 | Sep 2023 16.5 | Dec 2023 16.0 | Mar 2024 20.7 | Jun 2024 23.0 | Sep 2024 22.0 | Dec 2024 36.0 | Mar 2025 29.3 | Jun 2025 28.2 | Sep 2025 19.6 | Dec 2025 14.7 | Mar 2026 25.0 | Jun 2026 — - GLNG: Sep 2021 3.4 | Dec 2021 — | Mar 2022 3.7 | Jun 2022 5.0 | Sep 2022 3.7 | Dec 2022 2.8 | Mar 2023 6.9 | Jun 2023 20.6 | Sep 2023 47.6 | Dec 2023 — | Mar 2024 23.1 | Jun 2024 23.4 | Sep 2024 286.3 | Dec 2024 88.2 | Mar 2025 1,048.3 | Jun 2025 — | Sep 2025 72.6 | Dec 2025 62.0 | Mar 2026 42.4 | Jun 2026 — - INSW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12.9 | Dec 2022 4.8 | Mar 2023 3.6 | Jun 2023 2.9 | Sep 2023 3.5 | Dec 2023 4.0 | Mar 2024 5.0 | Jun 2024 5.6 | Sep 2024 5.0 | Dec 2024 4.3 | Mar 2025 5.1 | Jun 2025 7.6 | Sep 2025 10.5 | Dec 2025 7.8 | Mar 2026 6.6 | Jun 2026 — - CMBT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 16.9 | Mar 2023 8.0 | Jun 2023 5.2 | Sep 2023 4.8 | Dec 2023 4.1 | Mar 2024 2.8 | Jun 2024 2.8 | Sep 2024 2.8 | Dec 2024 2.2 | Mar 2025 4.2 | Jun 2025 7.8 | Sep 2025 12.7 | Dec 2025 13.8 | Mar 2026 7.9 | Jun 2026 — - EE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 49.1 | Mar 2023 24.3 | Jun 2023 16.7 | Sep 2023 13.3 | Dec 2023 13.9 | Mar 2024 15.9 | Jun 2024 17.7 | Sep 2024 22.2 | Dec 2024 23.8 | Mar 2025 19.5 | Jun 2025 21.6 | Sep 2025 17.5 | Dec 2025 21.9 | Mar 2026 27.2 | Jun 2026 — - STNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.4 | Dec 2022 5.2 | Mar 2023 3.8 | Jun 2023 3.3 | Sep 2023 4.5 | Dec 2023 6.1 | Mar 2024 6.6 | Jun 2024 6.4 | Sep 2024 5.1 | Dec 2024 3.8 | Mar 2025 3.7 | Jun 2025 5.3 | Sep 2025 9.5 | Dec 2025 7.2 | Mar 2026 7.3 | Jun 2026 — - BWLP: Sep 2021 3.8 | Dec 2021 4.1 | Mar 2022 5.4 | Jun 2022 5.5 | Sep 2022 4.4 | Dec 2022 4.6 | Mar 2023 3.4 | Jun 2023 3.8 | Sep 2023 4.1 | Dec 2023 4.3 | Mar 2024 3.3 | Jun 2024 5.2 | Sep 2024 4.0 | Dec 2024 4.3 | Mar 2025 5.8 | Jun 2025 7.7 | Sep 2025 12.6 | Dec 2025 8.2 | Mar 2026 7.3 | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: Scorpio Tankers Inc. leads ev/ebitda at 6.23×; Kinder Morgan, Inc. leads p/bv at 1.1×. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: Scorpio Tankers Inc. · 6.23× | 3.4% versus #2 · BW LPG Limited | 0/8 recent comparable periods | 29/30 companies · 517 observations Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts. ### EV/EBITDA — lowest EV/EBITDA 1. Scorpio Tankers Inc. (STNG): 6.2 2. BW LPG Limited (BWLP): 6.5 3. Hess Midstream LP (HESM): 6.9 4. Excelerate Energy, Inc. (EE): 8.3 5. International Seaways, Inc. (INSW): 8.4 ### P/BV — lowest P/BV 1. Kinder Morgan, Inc. (KMI): 1.1 2. Scorpio Tankers Inc. (STNG): 1.1 3. Cmb.Tech NV (CMBT): 1.3 4. BW LPG Limited (BWLP): 1.4 5. Excelerate Energy, Inc. (EE): 1.6 ### 20-quarter EV/EBITDA history - ENB: Sep 2021 15.6 | Dec 2021 15.9 | Mar 2022 17.3 | Jun 2022 17.1 | Sep 2022 16.1 | Dec 2022 20.8 | Mar 2023 19.8 | Jun 2023 17.6 | Sep 2023 16.7 | Dec 2023 14.1 | Mar 2024 15.0 | Jun 2024 15.2 | Sep 2024 15.9 | Dec 2024 16.4 | Mar 2025 15.6 | Jun 2025 15.2 | Sep 2025 16.4 | Dec 2025 15.5 | Mar 2026 17.5 | Jun 2026 — - WMB: Sep 2021 14.0 | Dec 2021 12.6 | Mar 2022 14.7 | Jun 2022 14.6 | Sep 2022 12.3 | Dec 2022 13.0 | Mar 2023 11.0 | Jun 2023 10.8 | Sep 2023 10.6 | Dec 2023 10.8 | Mar 2024 12.6 | Jun 2024 13.6 | Sep 2024 14.5 | Dec 2024 17.2 | Mar 2025 18.1 | Jun 2025 17.8 | Sep 2025 17.2 | Dec 2025 16.0 | Mar 2026 17.8 | Jun 2026 — - EPD: Sep 2021 10.0 | Dec 2021 9.2 | Mar 2022 10.5 | Jun 2022 9.7 | Sep 2022 9.3 | Dec 2022 8.9 | Mar 2023 9.3 | Jun 2023 9.6 | Sep 2023 9.8 | Dec 2023 9.4 | Mar 2024 9.9 | Jun 2024 9.7 | Sep 2024 9.7 | Dec 2024 10.2 | Mar 2025 10.9 | Jun 2025 10.1 | Sep 2025 10.4 | Dec 2025 10.5 | Mar 2026 11.5 | Jun 2026 — - TRP: Sep 2021 13.6 | Dec 2021 20.1 | Mar 2022 16.1 | Jun 2022 15.8 | Sep 2022 14.3 | Dec 2022 16.3 | Mar 2023 12.8 | Jun 2023 12.8 | Sep 2023 12.0 | Dec 2023 14.4 | Mar 2024 14.2 | Jun 2024 14.5 | Sep 2024 16.9 | Dec 2024 16.5 | Mar 2025 16.8 | Jun 2025 15.9 | Sep 2025 16.8 | Dec 2025 15.8 | Mar 2026 16.8 | Jun 2026 — - KMI: Sep 2021 19.7 | Dec 2021 19.5 | Mar 2022 24.6 | Jun 2022 16.3 | Sep 2022 16.1 | Dec 2022 16.0 | Mar 2023 15.5 | Jun 2023 15.1 | Sep 2023 14.8 | Dec 2023 15.3 | Mar 2024 15.8 | Jun 2024 16.0 | Sep 2024 16.8 | Dec 2024 18.4 | Mar 2025 19.1 | Jun 2025 19.2 | Sep 2025 18.6 | Dec 2025 17.4 | Mar 2026 18.4 | Jun 2026 27.2 - ET: Sep 2021 7.1 | Dec 2021 7.2 | Mar 2022 9.4 | Jun 2022 8.5 | Sep 2022 8.2 | Dec 2022 8.4 | Mar 2023 8.3 | Jun 2023 8.6 | Sep 2023 8.7 | Dec 2023 9.0 | Mar 2024 9.1 | Jun 2024 9.3 | Sep 2024 9.3 | Dec 2024 10.0 | Mar 2025 9.6 | Jun 2025 9.4 | Sep 2025 9.1 | Dec 2025 9.8 | Mar 2026 10.1 | Jun 2026 — - MPLX: Sep 2021 9.9 | Dec 2021 10.1 | Mar 2022 10.9 | Jun 2022 9.8 | Sep 2022 9.0 | Dec 2022 9.5 | Mar 2023 9.6 | Jun 2023 9.4 | Sep 2023 10.7 | Dec 2023 10.5 | Mar 2024 11.2 | Jun 2024 11.2 | Sep 2024 11.2 | Dec 2024 11.9 | Mar 2025 12.7 | Jun 2025 12.3 | Sep 2025 12.6 | Dec 2025 12.7 | Mar 2026 12.7 | Jun 2026 — - TRGP: Sep 2021 10.4 | Dec 2021 12.8 | Mar 2022 16.2 | Jun 2022 11.9 | Sep 2022 13.0 | Dec 2022 10.7 | Mar 2023 8.7 | Jun 2023 8.3 | Sep 2023 8.7 | Dec 2023 8.6 | Mar 2024 10.5 | Jun 2024 11.5 | Sep 2024 12.0 | Dec 2024 13.2 | Mar 2025 14.7 | Jun 2025 12.1 | Sep 2025 11.5 | Dec 2025 11.7 | Mar 2026 14.0 | Jun 2026 — - OKE: Sep 2021 12.9 | Dec 2021 12.4 | Mar 2022 14.1 | Jun 2022 11.7 | Sep 2022 11.1 | Dec 2022 12.5 | Mar 2023 9.6 | Jun 2023 9.3 | Sep 2023 13.4 | Dec 2023 12.9 | Mar 2024 15.3 | Jun 2024 13.7 | Sep 2024 14.5 | Dec 2024 15.5 | Mar 2025 14.8 | Jun 2025 12.5 | Sep 2025 10.8 | Dec 2025 10.9 | Mar 2026 12.1 | Jun 2026 — - LNG: Sep 2021 472.6 | Dec 2021 189.7 | Mar 2022 — | Jun 2022 3,744.0 | Sep 2022 — | Dec 2022 11.7 | Mar 2023 4.6 | Jun 2023 4.2 | Sep 2023 3.2 | Dec 2023 4.0 | Mar 2024 6.6 | Jun 2024 7.5 | Sep 2024 8.6 | Dec 2024 10.3 | Mar 2025 11.0 | Jun 2025 10.1 | Sep 2025 9.6 | Dec 2025 6.8 | Mar 2026 14.8 | Jun 2026 — - CQP: Sep 2021 12.0 | Dec 2021 11.9 | Mar 2022 15.2 | Jun 2022 13.4 | Sep 2022 21.6 | Dec 2022 10.8 | Mar 2023 6.7 | Jun 2023 6.3 | Sep 2023 5.7 | Dec 2023 7.0 | Mar 2024 8.9 | Jun 2024 9.0 | Sep 2024 9.2 | Dec 2024 10.3 | Mar 2025 12.0 | Jun 2025 10.9 | Sep 2025 11.0 | Dec 2025 9.2 | Mar 2026 11.6 | Jun 2026 — - VG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 20.8 | Jun 2025 19.9 | Sep 2025 14.7 | Dec 2025 8.9 | Mar 2026 12.8 | Jun 2026 — - PBA: Sep 2021 33.6 | Dec 2021 11.7 | Mar 2022 12.4 | Jun 2022 11.3 | Sep 2022 8.1 | Dec 2022 8.3 | Mar 2023 8.4 | Jun 2023 8.3 | Sep 2023 11.9 | Dec 2023 10.9 | Mar 2024 10.8 | Jun 2024 14.3 | Sep 2024 14.7 | Dec 2024 14.0 | Mar 2025 13.8 | Jun 2025 10.8 | Sep 2025 11.8 | Dec 2025 11.5 | Mar 2026 13.2 | Jun 2026 — - WES: Sep 2021 8.3 | Dec 2021 8.5 | Mar 2022 8.6 | Jun 2022 8.1 | Sep 2022 8.1 | Dec 2022 7.9 | Mar 2023 8.3 | Jun 2023 8.4 | Sep 2023 8.7 | Dec 2023 9.7 | Mar 2024 8.8 | Jun 2024 8.8 | Sep 2024 8.3 | Dec 2024 8.4 | Mar 2025 9.6 | Jun 2025 9.3 | Sep 2025 9.3 | Dec 2025 10.6 | Mar 2026 10.3 | Jun 2026 — - PAA: Sep 2021 21.2 | Dec 2021 12.8 | Mar 2022 15.1 | Jun 2022 9.6 | Sep 2022 7.2 | Dec 2022 9.8 | Mar 2023 8.9 | Jun 2023 9.3 | Sep 2023 11.7 | Dec 2023 11.0 | Mar 2024 10.5 | Jun 2024 10.7 | Sep 2024 10.9 | Dec 2024 14.2 | Mar 2025 15.4 | Jun 2025 16.0 | Sep 2025 13.2 | Dec 2025 12.2 | Mar 2026 13.4 | Jun 2026 — - VNOM: Sep 2021 6.9 | Dec 2021 8.2 | Mar 2022 4.9 | Jun 2022 6.2 | Sep 2022 5.7 | Dec 2022 5.6 | Mar 2023 5.6 | Jun 2023 6.0 | Sep 2023 5.5 | Dec 2023 7.3 | Mar 2024 8.0 | Jun 2024 7.3 | Sep 2024 9.5 | Dec 2024 10.7 | Mar 2025 10.8 | Jun 2025 12.8 | Sep 2025 22.1 | Dec 2025 31.5 | Mar 2026 22.7 | Jun 2026 — - DTM: Sep 2021 13.8 | Dec 2021 13.2 | Mar 2022 13.8 | Jun 2022 11.9 | Sep 2022 12.0 | Dec 2022 13.3 | Mar 2023 12.4 | Jun 2023 12.4 | Sep 2023 12.8 | Dec 2023 12.9 | Mar 2024 13.3 | Jun 2024 14.2 | Sep 2024 14.5 | Dec 2024 19.1 | Mar 2025 17.7 | Jun 2025 18.6 | Sep 2025 17.9 | Dec 2025 17.6 | Mar 2026 18.7 | Jun 2026 — - AM: Sep 2021 27.5 | Dec 2021 10.5 | Mar 2022 12.5 | Jun 2022 11.5 | Sep 2022 11.5 | Dec 2022 11.5 | Mar 2023 10.9 | Jun 2023 11.3 | Sep 2023 11.2 | Dec 2023 10.0 | Mar 2024 12.3 | Jun 2024 12.6 | Sep 2024 12.8 | Dec 2024 10.6 | Mar 2025 13.9 | Jun 2025 13.9 | Sep 2025 13.7 | Dec 2025 12.1 | Mar 2026 17.5 | Jun 2026 — - FRO: Sep 2021 27.5 | Dec 2021 21.3 | Mar 2022 24.0 | Jun 2022 15.6 | Sep 2022 11.7 | Dec 2022 7.5 | Mar 2023 6.6 | Jun 2023 4.8 | Sep 2023 5.6 | Dec 2023 7.8 | Mar 2024 8.8 | Jun 2024 8.8 | Sep 2024 7.7 | Dec 2024 5.8 | Mar 2025 10.5 | Jun 2025 13.5 | Sep 2025 18.0 | Dec 2025 8.3 | Mar 2026 9.1 | Jun 2026 — - HESM: Sep 2021 4.5 | Dec 2021 4.5 | Mar 2022 4.5 | Jun 2022 4.7 | Sep 2022 4.4 | Dec 2022 4.6 | Mar 2023 4.6 | Jun 2023 5.0 | Sep 2023 5.2 | Dec 2023 5.3 | Mar 2024 5.9 | Jun 2024 6.1 | Sep 2024 6.4 | Dec 2024 6.4 | Mar 2025 7.3 | Jun 2025 7.2 | Sep 2025 6.6 | Dec 2025 6.6 | Mar 2026 6.9 | Jun 2026 — - KNTK: Sep 2021 37.7 | Dec 2021 12.1 | Mar 2022 27.2 | Jun 2022 24.2 | Sep 2022 21.1 | Dec 2022 19.5 | Mar 2023 18.8 | Jun 2023 20.5 | Sep 2023 20.5 | Dec 2023 19.7 | Mar 2024 21.5 | Jun 2024 21.8 | Sep 2024 21.0 | Dec 2024 25.6 | Mar 2025 24.0 | Jun 2025 20.1 | Sep 2025 22.3 | Dec 2025 17.7 | Mar 2026 22.0 | Jun 2026 — - SOBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 10.3 | Mar 2025 11.2 | Jun 2025 11.3 | Sep 2025 11.9 | Dec 2025 11.4 | Mar 2026 12.8 | Jun 2026 — - PAGP: Sep 2021 23.3 | Dec 2021 14.7 | Mar 2022 16.7 | Jun 2022 10.9 | Sep 2022 8.0 | Dec 2022 10.6 | Mar 2023 9.6 | Jun 2023 9.7 | Sep 2023 11.8 | Dec 2023 11.2 | Mar 2024 10.1 | Jun 2024 10.3 | Sep 2024 10.6 | Dec 2024 13.6 | Mar 2025 14.1 | Jun 2025 15.1 | Sep 2025 12.8 | Dec 2025 11.7 | Mar 2026 12.0 | Jun 2026 — - GLNG: Sep 2021 9.9 | Dec 2021 8.7 | Mar 2022 7.1 | Jun 2022 4.6 | Sep 2022 5.2 | Dec 2022 5.4 | Mar 2023 7.4 | Jun 2023 20.1 | Sep 2023 37.9 | Dec 2023 43.9 | Mar 2024 23.6 | Jun 2024 22.0 | Sep 2024 63.1 | Dec 2024 50.1 | Mar 2025 74.0 | Jun 2025 158.2 | Sep 2025 52.4 | Dec 2025 37.8 | Mar 2026 28.4 | Jun 2026 — - INSW: Sep 2021 — | Dec 2021 — | Mar 2022 151.5 | Jun 2022 16.3 | Sep 2022 8.4 | Dec 2022 4.6 | Mar 2023 4.0 | Jun 2023 3.3 | Sep 2023 3.6 | Dec 2023 4.1 | Mar 2024 4.6 | Jun 2024 5.8 | Sep 2024 5.3 | Dec 2024 4.3 | Mar 2025 9.9 | Jun 2025 10.1 | Sep 2025 12.1 | Dec 2025 12.6 | Mar 2026 8.4 | Jun 2026 — - CMBT: Sep 2021 — | Dec 2021 28.3 | Mar 2022 173.4 | Jun 2022 32.5 | Sep 2022 21.3 | Dec 2022 6.7 | Mar 2023 6.3 | Jun 2023 5.1 | Sep 2023 4.8 | Dec 2023 3.0 | Mar 2024 3.9 | Jun 2024 4.6 | Sep 2024 5.1 | Dec 2024 3.9 | Mar 2025 10.7 | Jun 2025 11.4 | Sep 2025 10.3 | Dec 2025 8.7 | Mar 2026 12.2 | Jun 2026 — - EE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.5 | Sep 2022 3.1 | Dec 2022 6.6 | Mar 2023 6.7 | Jun 2023 6.4 | Sep 2023 5.5 | Dec 2023 5.7 | Mar 2024 5.9 | Jun 2024 6.1 | Sep 2024 6.8 | Dec 2024 7.2 | Mar 2025 6.5 | Jun 2025 10.6 | Sep 2025 9.0 | Dec 2025 8.5 | Mar 2026 8.3 | Jun 2026 — - STNG: Sep 2021 33.4 | Dec 2021 24.3 | Mar 2022 32.5 | Jun 2022 12.1 | Sep 2022 6.4 | Dec 2022 4.8 | Mar 2023 3.7 | Jun 2023 3.4 | Sep 2023 4.1 | Dec 2023 4.9 | Mar 2024 6.2 | Jun 2024 6.0 | Sep 2024 4.1 | Dec 2024 2.9 | Mar 2025 3.7 | Jun 2025 5.2 | Sep 2025 5.7 | Dec 2025 4.3 | Mar 2026 6.2 | Jun 2026 — - BWLP: Sep 2021 3.9 | Dec 2021 4.0 | Mar 2022 3.9 | Jun 2022 4.1 | Sep 2022 3.5 | Dec 2022 3.7 | Mar 2023 2.9 | Jun 2023 3.0 | Sep 2023 3.2 | Dec 2023 3.2 | Mar 2024 2.4 | Jun 2024 3.7 | Sep 2024 3.0 | Dec 2024 3.7 | Mar 2025 5.1 | Jun 2025 5.5 | Sep 2025 6.2 | Dec 2025 4.4 | Mar 2026 6.5 | Jun 2026 — ### 20-quarter P/BV history - ENB: Sep 2021 1.7 | Dec 2021 1.7 | Mar 2022 1.9 | Jun 2022 1.8 | Sep 2022 1.6 | Dec 2022 1.8 | Mar 2023 1.7 | Jun 2023 1.6 | Sep 2023 1.5 | Dec 2023 1.7 | Mar 2024 1.6 | Jun 2024 1.6 | Sep 2024 1.8 | Dec 2024 2.0 | Mar 2025 2.0 | Jun 2025 2.1 | Sep 2025 2.4 | Dec 2025 2.3 | Mar 2026 2.5 | Jun 2026 — - WMB: Sep 2021 2.8 | Dec 2021 2.8 | Mar 2022 3.6 | Jun 2022 3.4 | Sep 2022 3.1 | Dec 2022 3.5 | Mar 2023 3.1 | Jun 2023 3.4 | Sep 2023 3.5 | Dec 2023 3.4 | Mar 2024 3.8 | Jun 2024 4.2 | Sep 2024 4.5 | Dec 2024 5.3 | Mar 2025 5.8 | Jun 2025 6.2 | Sep 2025 6.2 | Dec 2025 5.7 | Mar 2026 6.9 | Jun 2026 — - EPD: Sep 2021 1.9 | Dec 2021 1.9 | Mar 2022 2.2 | Jun 2022 2.1 | Sep 2022 2.0 | Dec 2022 2.0 | Mar 2023 2.1 | Jun 2023 2.1 | Sep 2023 2.2 | Dec 2023 2.1 | Mar 2024 2.3 | Jun 2024 2.3 | Sep 2024 2.2 | Dec 2024 2.4 | Mar 2025 2.6 | Jun 2025 2.3 | Sep 2025 2.3 | Dec 2025 2.3 | Mar 2026 2.8 | Jun 2026 — - TRP: Sep 2021 1.8 | Dec 2021 1.7 | Mar 2022 2.1 | Jun 2022 2.0 | Sep 2022 1.6 | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 1.6 | Sep 2023 1.4 | Dec 2023 1.8 | Mar 2024 1.9 | Jun 2024 1.8 | Sep 2024 2.2 | Dec 2024 2.5 | Mar 2025 2.6 | Jun 2025 2.5 | Sep 2025 2.9 | Dec 2025 2.9 | Mar 2026 3.3 | Jun 2026 — - KMI: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.4 | Jun 2022 1.2 | Sep 2022 1.2 | Dec 2022 1.3 | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.3 | Jun 2024 1.5 | Sep 2024 1.6 | Dec 2024 2.0 | Mar 2025 2.1 | Jun 2025 2.1 | Sep 2025 2.1 | Dec 2025 2.0 | Mar 2026 2.4 | Jun 2026 1.1 - ET: Sep 2021 1.0 | Dec 2021 0.8 | Mar 2022 1.1 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 1.1 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.3 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 1.6 | Dec 2024 1.9 | Mar 2025 1.8 | Jun 2025 1.8 | Sep 2025 1.7 | Dec 2025 1.7 | Mar 2026 1.9 | Jun 2026 — - MPLX: Sep 2021 2.2 | Dec 2021 2.4 | Mar 2022 2.6 | Jun 2022 2.3 | Sep 2022 2.3 | Dec 2022 2.5 | Mar 2023 2.7 | Jun 2023 2.6 | Sep 2023 2.7 | Dec 2023 2.8 | Mar 2024 3.1 | Jun 2024 3.2 | Sep 2024 3.3 | Dec 2024 3.5 | Mar 2025 4.0 | Jun 2025 3.8 | Sep 2025 3.6 | Dec 2025 3.8 | Mar 2026 4.1 | Jun 2026 — - TRGP: Sep 2021 5.2 | Dec 2021 5.9 | Mar 2022 10.1 | Jun 2022 6.6 | Sep 2022 5.7 | Dec 2022 6.3 | Mar 2023 6.5 | Jun 2023 6.4 | Sep 2023 7.6 | Dec 2023 7.1 | Mar 2024 9.2 | Jun 2024 11.4 | Sep 2024 12.6 | Dec 2024 15.0 | Mar 2025 17.8 | Jun 2025 14.5 | Sep 2025 13.3 | Dec 2025 12.9 | Mar 2026 17.2 | Jun 2026 — - OKE: Sep 2021 4.4 | Dec 2021 4.4 | Mar 2022 5.3 | Jun 2022 4.1 | Sep 2022 3.6 | Dec 2022 4.5 | Mar 2023 4.0 | Jun 2023 3.8 | Sep 2023 2.3 | Dec 2023 2.5 | Mar 2024 2.9 | Jun 2024 2.9 | Sep 2024 3.2 | Dec 2024 3.4 | Mar 2025 2.9 | Jun 2025 2.4 | Sep 2025 2.1 | Dec 2025 2.1 | Mar 2026 2.6 | Jun 2026 — - LNG: Sep 2021 -19.7 | Dec 2021 -10.0 | Mar 2022 -9.5 | Jun 2022 -9.4 | Sep 2022 -6.7 | Dec 2022 -12.4 | Mar 2023 20.2 | Jun 2023 12.8 | Sep 2023 9.6 | Dec 2023 8.0 | Mar 2024 8.7 | Jun 2024 8.9 | Sep 2024 8.0 | Dec 2024 8.5 | Mar 2025 9.2 | Jun 2025 8.0 | Sep 2025 7.6 | Dec 2025 5.3 | Mar 2026 15.9 | Jun 2026 — - CQP: Sep 2021 34.1 | Dec 2021 29.1 | Mar 2022 -12.5 | Jun 2022 -8.4 | Sep 2022 -6.8 | Dec 2022 -13.2 | Mar 2023 -24.6 | Jun 2023 -21.8 | Sep 2023 -27.5 | Dec 2023 -31.4 | Mar 2024 -29.7 | Jun 2024 -32.1 | Sep 2024 -38.4 | Dec 2024 -51.6 | Mar 2025 -85.9 | Jun 2025 -81.4 | Sep 2025 -76.4 | Dec 2025 63.8 | Mar 2026 409.3 | Jun 2026 — - VG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 5.1 | Jun 2025 7.2 | Sep 2025 6.1 | Dec 2025 2.5 | Mar 2026 5.4 | Jun 2026 — - PBA: Sep 2021 1.5 | Dec 2021 1.5 | Mar 2022 1.8 | Jun 2022 1.7 | Sep 2022 1.4 | Dec 2022 1.6 | Mar 2023 1.5 | Jun 2023 1.5 | Sep 2023 1.4 | Dec 2023 — | Mar 2024 1.7 | Jun 2024 1.7 | Sep 2024 1.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - WES: Sep 2021 2.9 | Dec 2021 3.1 | Mar 2022 3.3 | Jun 2022 3.2 | Sep 2022 3.4 | Dec 2022 3.6 | Mar 2023 3.5 | Jun 2023 3.5 | Sep 2023 3.8 | Dec 2023 3.9 | Mar 2024 4.3 | Jun 2024 4.7 | Sep 2024 4.5 | Dec 2024 4.6 | Mar 2025 4.9 | Jun 2025 4.6 | Sep 2025 4.8 | Dec 2025 4.1 | Mar 2026 4.9 | Jun 2026 — - PAA: Sep 2021 0.8 | Dec 2021 0.7 | Mar 2022 0.8 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.9 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 1.2 | Dec 2024 1.2 | Mar 2025 1.5 | Jun 2025 1.3 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.6 | Jun 2026 — - VNOM: Sep 2021 0.6 | Dec 2021 2.1 | Mar 2022 0.7 | Jun 2022 2.8 | Sep 2022 2.9 | Dec 2022 3.4 | Mar 2023 3.0 | Jun 2023 2.9 | Sep 2023 2.8 | Dec 2023 2.7 | Mar 2024 3.3 | Jun 2024 3.2 | Sep 2024 3.3 | Dec 2024 3.0 | Mar 2025 2.2 | Jun 2025 1.5 | Sep 2025 1.4 | Dec 2025 1.5 | Mar 2026 1.8 | Jun 2026 — - DTM: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.4 | Jun 2022 1.2 | Sep 2022 1.3 | Dec 2022 1.3 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.3 | Mar 2024 1.4 | Jun 2024 1.6 | Sep 2024 1.8 | Dec 2024 2.2 | Mar 2025 2.1 | Jun 2025 2.4 | Sep 2025 2.4 | Dec 2025 2.6 | Mar 2026 2.9 | Jun 2026 — - AM: Sep 2021 2.2 | Dec 2021 2.0 | Mar 2022 2.3 | Jun 2022 1.9 | Sep 2022 2.0 | Dec 2022 2.4 | Mar 2023 2.3 | Jun 2023 2.6 | Sep 2023 2.7 | Dec 2023 2.8 | Mar 2024 3.1 | Jun 2024 3.3 | Sep 2024 3.4 | Dec 2024 3.4 | Mar 2025 4.1 | Jun 2025 4.4 | Sep 2025 4.5 | Dec 2025 4.3 | Mar 2026 5.6 | Jun 2026 — - FRO: Sep 2021 1.2 | Dec 2021 0.9 | Mar 2022 1.1 | Jun 2022 1.0 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.7 | Jun 2023 1.4 | Sep 2023 1.9 | Dec 2023 2.0 | Mar 2024 2.2 | Jun 2024 2.4 | Sep 2024 2.2 | Dec 2024 1.4 | Mar 2025 1.4 | Jun 2025 1.5 | Sep 2025 2.2 | Dec 2025 1.9 | Mar 2026 2.7 | Jun 2026 — - HESM: Sep 2021 5.2 | Dec 2021 — | Mar 2022 5.0 | Jun 2022 5.0 | Sep 2022 4.5 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 8.3 | Mar 2025 — | Jun 2025 — | Sep 2025 10.5 | Dec 2025 10.2 | Mar 2026 13.3 | Jun 2026 — - KNTK: Sep 2021 -0.5 | Dec 2021 22,973.3 | Mar 2022 -1.1 | Jun 2022 -1.2 | Sep 2022 -1.7 | Dec 2022 -1.8 | Mar 2023 -2.4 | Jun 2023 -2.0 | Sep 2023 -2.2 | Dec 2023 -3.6 | Mar 2024 -2.5 | Jun 2024 -2.1 | Sep 2024 -1.6 | Dec 2024 -1.1 | Mar 2025 -1.2 | Jun 2025 -1.5 | Sep 2025 -1.5 | Dec 2025 -4.1 | Mar 2026 -2.0 | Jun 2026 — - SOBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.2 | Dec 2024 1.9 | Mar 2025 2.0 | Jun 2025 2.1 | Sep 2025 2.2 | Dec 2025 2.1 | Mar 2026 2.6 | Jun 2026 — - PAGP: Sep 2021 1.6 | Dec 2021 1.3 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.4 | Dec 2022 1.6 | Mar 2023 1.7 | Jun 2023 1.9 | Sep 2023 2.1 | Dec 2023 2.0 | Mar 2024 2.4 | Jun 2024 2.5 | Sep 2024 2.5 | Dec 2024 2.7 | Mar 2025 3.1 | Jun 2025 2.8 | Sep 2025 2.7 | Dec 2025 2.8 | Mar 2026 3.8 | Jun 2026 — - GLNG: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 1.3 | Jun 2022 1.1 | Sep 2022 1.1 | Dec 2022 1.0 | Mar 2023 1.1 | Jun 2023 1.0 | Sep 2023 1.2 | Dec 2023 1.2 | Mar 2024 1.2 | Jun 2024 1.6 | Sep 2024 1.9 | Dec 2024 2.2 | Mar 2025 2.0 | Jun 2025 2.2 | Sep 2025 2.2 | Dec 2025 2.1 | Mar 2026 2.9 | Jun 2026 — - INSW: Sep 2021 0.8 | Dec 2021 0.6 | Mar 2022 0.8 | Jun 2022 0.9 | Sep 2022 1.3 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.3 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 1.4 | Dec 2024 1.0 | Mar 2025 0.9 | Jun 2025 1.0 | Sep 2025 1.2 | Dec 2025 1.2 | Mar 2026 1.6 | Jun 2026 — - CMBT: Sep 2021 1.0 | Dec 2021 — | Mar 2022 1.1 | Jun 2022 1.3 | Sep 2022 1.6 | Dec 2022 — | Mar 2023 1.5 | Jun 2023 1.4 | Sep 2023 1.6 | Dec 2023 — | Mar 2024 1.7 | Jun 2024 2.6 | Sep 2024 2.9 | Dec 2024 1.6 | Mar 2025 1.4 | Jun 2025 1.3 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 1.3 | Jun 2026 — - EE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.9 | Sep 2022 0.4 | Dec 2022 1.4 | Mar 2023 1.2 | Jun 2023 1.1 | Sep 2023 0.9 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.9 | Sep 2024 1.1 | Dec 2024 1.5 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.6 | Jun 2026 — - STNG: Sep 2021 0.6 | Dec 2021 0.4 | Mar 2022 0.7 | Jun 2022 1.1 | Sep 2022 1.2 | Dec 2022 1.3 | Mar 2023 1.3 | Jun 2023 1.1 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.4 | Jun 2024 1.5 | Sep 2024 1.3 | Dec 2024 0.9 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 1.1 | Jun 2026 — - BWLP: Sep 2021 0.6 | Dec 2021 0.6 | Mar 2022 0.6 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 0.9 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.0 | Jun 2024 1.7 | Sep 2024 1.3 | Dec 2024 1.0 | Mar 2025 0.9 | Jun 2025 1.0 | Sep 2025 1.2 | Dec 2025 1.1 | Mar 2026 1.4 | Jun 2026 — ## Market action International Seaways, Inc. has the strongest one-year price move in Oil & Gas Midstream at +132.9%. It also leads on Mansfield relative strength against the S&P 500 at +37.4%. 26 of 29 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. International Seaways, Inc. (INSW): 133% 2. Frontline plc (FRO): 106% 3. Cmb.Tech NV (CMBT): 72% 4. Scorpio Tankers Inc. (STNG): 68% 5. BW LPG Limited (BWLP): 62% ### Strongest relative strength versus NIFTY 500 1. International Seaways, Inc. (INSW): 37% 2. BW LPG Limited (BWLP): 23% 3. Frontline plc (FRO): 23% 4. Cmb.Tech NV (CMBT): 21% 5. Targa Resources Corp. (TRGP): 16% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. ## Every company - Enbridge Inc. (ENB) — market value ₹1.2 L Cr; latest fundamentals Mar 2026 - The Williams Companies, Inc. (WMB) — market value ₹85.8K Cr; latest fundamentals Mar 2026 - Enterprise Products Partners L.P. (EPD) — market value ₹83.6K Cr; latest fundamentals Mar 2026 - TC Energy Corporation (TRP) — market value ₹70.6K Cr; latest fundamentals Mar 2026 - Kinder Morgan, Inc. (KMI) — market value ₹70.4K Cr; latest fundamentals Jun 2026 - Energy Transfer LP (ET) — market value ₹69.5K Cr; latest fundamentals Mar 2026 - MPLX LP (MPLX) — market value ₹60.1K Cr; latest fundamentals Mar 2026 - Targa Resources Corp. (TRGP) — market value ₹56.2K Cr; latest fundamentals Mar 2026 - ONEOK, Inc. (OKE) — market value ₹56.0K Cr; latest fundamentals Mar 2026 - Cheniere Energy, Inc. (LNG) — market value ₹52.8K Cr; latest fundamentals Mar 2026 - Cheniere Energy Partners, L.P. (CQP) — market value ₹31.0K Cr; latest fundamentals Mar 2026 - Venture Global, Inc. (VG) — market value ₹30.2K Cr; latest fundamentals Mar 2026 - Pembina Pipeline Corporation (PBA) — market value ₹29.1K Cr; latest fundamentals Mar 2026 - Western Midstream Partners, LP (WES) — market value ₹18.5K Cr; latest fundamentals Mar 2026 - Plains All American Pipeline, L.P. (PAA) — market value ₹17.2K Cr; latest fundamentals Mar 2026 - Viper Energy, Inc. (VNOM) — market value ₹15.0K Cr; latest fundamentals Mar 2026 - DT Midstream, Inc. (DTM) — market value ₹14.1K Cr; latest fundamentals Mar 2026 - Antero Midstream Corporation (AM) — market value ₹10.3K Cr; latest fundamentals Mar 2026 - Frontline plc (FRO) — market value ₹8.6K Cr; latest fundamentals Mar 2026 - Hess Midstream LP (HESM) — market value ₹8.2K Cr; latest fundamentals Mar 2026 - Kinetik Holdings Inc. (KNTK) — market value ₹8.0K Cr; latest fundamentals Mar 2026 - South Bow Corporation (SOBO) — market value ₹7.8K Cr; latest fundamentals Mar 2026 - Plains GP Holdings, L.P. (PAGP) — market value ₹6.1K Cr; latest fundamentals Mar 2026 - Golar LNG Limited (GLNG) — market value ₹5.0K Cr; latest fundamentals Mar 2026 - International Seaways, Inc. (INSW) — market value ₹4.6K Cr; latest fundamentals Mar 2026 - Cmb.Tech NV (CMBT) — market value ₹4.5K Cr; latest fundamentals Mar 2026 - Excelerate Energy, Inc. (EE) — market value ₹4.3K Cr; latest fundamentals Mar 2026 - SunocoCorp LLC (SUNC) — market value ₹3.9K Cr; latest fundamentals Mar 2026 - Scorpio Tankers Inc. (STNG) — market value ₹3.6K Cr; latest fundamentals Mar 2026 - BW LPG Limited (BWLP) — market value ₹3.3K Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Which Oil & Gas Midstream company is the biggest? Energy Transfer LP is the largest, with trailing-twelve-month revenue of $92,287 million, ahead of Enbridge Inc. at $69,049 million. That covers 28 of 30 companies with comparable reporting through Mar 2026. ### Which Oil & Gas Midstream company is growing fastest? Cmb.Tech NV has the fastest revenue growth at 100% year on year, across 28 of 30 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which Oil & Gas Midstream company has the best profit margins? International Seaways, Inc. has the highest operating margin at 89.9%, from 30 of 30 comparable companies. Golar LNG Limited shows the biggest recent improvement, at +76.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Oil & Gas Midstream company makes the most profit? Enbridge Inc. earns the most, at $7,077 million of trailing-twelve-month net profit, from 28 of 30 comparable companies. Frontline plc has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Oil & Gas Midstream company earns the highest return on capital? International Seaways, Inc. leads on return on capital employed at 11.2%, across 30 of 30 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Oil & Gas Midstream stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — International Seaways, Inc. screens cheapest at 0.09×. Only 25 of 30 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Which Oil & Gas Midstream company has the strongest balance sheet? Scorpio Tankers Inc. carries the lowest comparable gross debt at $581 million, from 30 of 30 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment. ### Which Oil & Gas Midstream company is investing most in new capacity? Venture Global, Inc. reports the largest capital spending at $3,181 million, across 30 of 30 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation. ### Is the Oil & Gas Midstream sector beating the market? Oil & Gas Midstream has outperformed S&P 500 by 13.6% over the last 52 weeks and 0.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 26 of 29 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Oil & Gas Midstream stock has the strongest price momentum? International Seaways, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Oil & Gas Midstream company scores highest for research priority? International Seaways, Inc. scores 76.4 out of 100 with 82% evidence confidence, from 27.3 points on growth and earnings, 17.8 on capital efficiency, 16.5 on valuation and 14.8 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Oil & Gas Midstream companies does this comparison cover, and over what period? It compares 30 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Oil & Gas Midstream sector? The 30 Oil & Gas Midstream companies on this page carry $959,275 million of combined market value. Enbridge Inc. is the largest at $121,007 million, about 13% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Oil & Gas Midstream sector's P/E ratio? The median price-to-earnings ratio across the 30 Oil & Gas Midstream companies on this page is 17.5×, measured on the 29 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28. ### How is the Oil & Gas Midstream sector performing? 26 of the 29 covered Oil & Gas Midstream companies are beating S&P 500 on Mansfield relative strength. The sector itself is 13.6% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28. ### How many Oil & Gas Midstream stocks are listed in the US? This comparison covers 30 listed Oil & Gas Midstream companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/oil-gas-midstream