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Commodities

Midstream M&A Gains Momentum as Permian, Power Demand Support Growth, RBC Says

Midstream mergers and acquisitions are accelerating as companies pursue scale and new volumes, while RBC's preferred picks offer growth tied to gas, power and Permian demand, RBC Capital Markets said in a Friday note.The Alerian Midstream Index gained 0.6% for the week ended Sep. 10, compared with a 2% decline for the S&P 500 as West Texas Intermediate crude rose about 12% to $102.48 per barrel.Year to date, the AMZ has advanced 25.5% versus a 10.9% rise for the S&P 500, outperforming utilities and real estate investment trusts by 2,473 and 1,305 basis points.The AMZ remains behind oilfield services and exploration and production stocks by 2,208 and 2,933 basis points, respectively, while Henry Hub natural gas declined about 3% to $2.83 per million British thermal units.Venture Global (VG) led RBC's coverage universe with a 7.0% weekly gain, helped by higher Dutch Title Transfer Facility prices, while Cheniere Energy (LNG) fell 4.5% after missing the latest S&P 500 rebalance.Master limited partnerships rose 0.4% over the week and outperformed C-corporations, which slipped 0.1%, while RBC estimates its coverage universe trades at 10.3 times 2027 estimated enterprise value to EBITDA.RBC said midstream deal activity has accelerated, citing ONEOK's (OKE) acquisition of Brazos Midstream's Permian Midland assets and renewed market attention on a potential Kinetik (KNTK) sale.RBC has long viewed Kinetik Holdings as an attractive acquisition target because of its Permian presence, natural gas liquids exposure and New Mexico sour-gas capabilities, which could add scale and near-term growth.Kinetik could benefit from stronger customer demand in New Mexico, including an expansion of its KL2 processing plant, which RBC expects to enter service in mid-2028.RBC also noted that external insurance capital could help finance acquisitions.The US Third Circuit Court of Appeals vacated a water-quality certificate for the Northeast Supply Enhancement project on technical and procedural grounds, sending the matter back to the New Jersey Department of Environmental Protection.Williams (WMB) does not expect the ruling to affect construction and continues to target an in-service date in the fourth quarter of 2027, while viewing the remand as a path to resolve the outstanding issues.RBC sees Kinetik well positioned for growth in the second half of 2026 and beyond as new Permian gas takeaway capacity comes online and producer interest rises across the Northern Delaware Basin.A May 2026 federal lease sale generated about $4 billion in bids, compared with the prior record of $972 million in 2018, underscoring the scale of producer interest in the Northern Delaware Basin.Kinetik Holdings has built its sour-gas handling system, giving it an advantage over new entrants because permits for acid-gas injection wells can take more than three years.RBC expects Kodiak Gas Services (KGS) to deliver about 16% annual adjusted EBITDA growth over five years, supported by Permian production, tight compression capacity and rising data-center power demand.RBC favors Targa Resources (TRGP), citing customer-backed growth projects that reduce capital-spending risk, expanded customer agreements and exposure to well-capitalized Permian producers. Rising gas-to-oil ratios could also support mid-single-digit gas growth.RBC also favors Williams, which it sees benefiting from rising power and natural gas demand through 2030 and beyond. The company targets more than 11% adjusted EBITDA growth through 2030.Midstream M&A Gains Momentum as Permian, Power Demand Support Growth, RBC Says

$KGS$KNTK$LNG$OKE$TRGP$VG$WMB
Equities

Williams Prices $2.75 Billion of Senior Notes

Williams (WMB) reported Tuesday that it has priced a public offering of $2.75 billion of senior notes and plans to use proceeds to repay commercial paper debt, finance capital expenditures, and for general corporate purposes.The Williams notes offering consists of $500 million of 5.00% senior notes due 2029, $1 billion of 5.60% senior notes due 2033, $750 million of 5.80% senior notes due 2036, and $500 million of 6.40% senior notes due 2056.The company said the offering is expected to settle Sept. 10, The offering is expected to settle Sept. 10, subject to customary closing conditions.Williams is an operator of natural gas pipelines and related infrastructure.

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Commodities

Williams Expands Haynesville Gas Footprint With $5.5B Momentum Deal

Williams Companies (WMB) completed its $5.5 billion Momentum Midstream acquisition, expanding its Haynesville natural gas platform to meet rising Gulf Coast demand, the company announced Thursday.The deal includes about $3.5 billion in cash and debt consideration plus roughly $2 billion of Williams equity.Momentum adds more than 4,000 miles of pipe, over 1 million dedicated acres and 6 billion cubic feet per day of gathering capacity, along with processing and treating facilities across the Haynesville.The acquired platform also includes three take-or-pay pipelines with 4.05 Bcf/d of transportation capacity, strengthening connections between growing natural gas supplies and Gulf Coast demand.Williams said the transaction creates opportunities for further expansion beyond the two projects it has already announced, while supporting rising demand for liquefied natural gas, power, and industrial use."Momentum brings a high-quality customer base, durable take-or-pay contracts and complementary infrastructure that provides a growth platform to advance our natural gas-focused strategy," said Chad Zamarin, Williams president and chief executive officer."With the acquisition now complete, Williams has established a premier Haynesville position that strengthens our ability to serve rapidly growing LNG, power and industrial demand along the Gulf Coast," Zamarin said.Price: $73.51, Change: $-0.54, Percent Change: -0.73%

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Equities

Williams Companies Closes Momentum Midstream Acquisition

Williams Companies (WMB) said Thursday it completed its acquisition of Momentum Midstream in a transaction valued at about $5.5 billion.The transaction includes $3.5 billion of cash and debt consideration and about $2 billion of the company's equity, according to a statement.The company said the acquisition expands its natural gas infrastructure platform in the Haynesville to serve rising Gulf Coast LNG, power and industrial demand.

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Commodities

Mora Energy Closes Two Midland Basin Acquisitions, Expands Capital Base

Mora Energy completed two Midland Basin acquisitions and expanded its capital resources to support further growth, the company said Wednesday.Mora acquired Tejon Treating and Carbon Solutions from funds managed by Bayswater Exploration & Production, adding natural gas gathering, compression, and sour gas treatment assets in the northeast Midland Basin.Mora also acquired the Quail system from Williams (WMB), adding natural gas gathering and compression infrastructure in northwest Midland Basin and expanding its operating footprint across six Texas counties."We are excited to be back in the market and intend to move quickly to pursue both organic development and acquisition opportunities," said Elliot Gerson, Chief Executive Officer of Mora.Together, the acquisitions give Mora about 200 miles of gathering pipelines, four compressor stations, an amine treating facility and an acid gas injection well, creating a platform for organic growth and further deals.Funds managed by NGP Energy Capital Management increased their equity commitments to Mora alongside the acquisitions, providing additional capital to fund the company's expansion plans.Mora also closed a new revolving credit facility led by BOK Financial and Huntington Bank, combining with the higher equity commitments to provide liquidity for additional expansion opportunities."With the increased support from NGP and our new credit facility, we have the financial flexibility to aggressively grow our footprint," Gerson said.

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Commodities

Williams to Buy Momentum Midstream for up to $5.5 Billion to Expand in Natural Gas

Williams will acquire Momentum Midstream for up to $5.5 billion, it said in a statement on Monday, a deal which will expand its natural gas infrastructure platform in the Haynesville basin to meet domestic and Gulf Coast LNG export demand.Williams will buy the company in its entirety with about $3.5 billion in cash and debt and about $2 billion of Williams stock, it said, branding the acquisition an opportunity to capture future growth in natural gas demand.The acquisition will add more than 4,000 miles of pipe and more than 1 million dedicated acres within four gathering areas with a combined capacity of 6 billion cubic feet per day, along with processing and treatment facilities and three take-or-pay pipelines with a 4.05 Bcf/d capacity.The value of the acquisition is about 8.5 times projected 2027 EBITDA, the statement said.As part of the deal, the Delta Access expansion along the Transco corridor will serve growing LNG and power demand. That project, to cost $1.5 billion, will offer 2.25 Bcf/d capacity initially once online in Q1, 2029 and can be expanded thereafter.Williams said the acquisition and associated pipeline projects will give the company more exposure to long-term growth in demand for natural gas, with Gulf Coast LNG demand seen rising by 20 Bcf/d over the next decade.

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Equities

Williams Companies Q2 Adjusted Earnings, Revenue Rise

Williams Companies (WMB) reported Monday Q2 adjusted earnings of $0.50 per diluted share, up from $0.46 a year earlier.Analysts polled by FactSet expected $0.50.Revenue for the quarter ended June 30 was $3.05 billion, up from $2.78 billion a year ago.Analysts expected $2.83 billion.

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Stocks Rise Pre-Bell as Trump Calls Off Planned Iran Strikes; Labor Market Data, Corporate Earnings on Deck
US Markets

Stocks Rise Pre-Bell as Trump Calls Off Planned Iran Strikes; Labor Market Data, Corporate Earnings on Deck

The benchmark US stock measures were pointing higher before the opening bell Monday as President Donald Trump said he called off a planned attack on Iran, while traders await fresh labor market data and more corporate earnings later in the week.The S&P 500 rose 0.5%, the Dow Jones Industrial Average increased 0.6% and the Nasdaq added 0.4% in premarket activity. All three main indexes finished Friday trading in the green.In a social media post over the weekend, Trump said he canceled a planned attack against Iran after being asked by Tehran and other Middle Eastern countries to hold off because the "perimeters of a deal has been agreed to." The proposed deal would include the "immediate, complete, and total opening" of the Strait of Hormuz, Trump wrote."I have agreed, for the future benefit of the world and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a deal," Trump said. Media reports last week said Trump was preparing for a fresh round of strikes against Tehran.West Texas Intermediate crude oil dropped 5.8% to $79.77 a barrel before the open, while Brent fell 4.7% to $83.82.On Sunday, seven members of the Organization of the Petroleum Exporting Countries and its allies, or OPEC+, said they agreed to raise combined oil production by 188,000 barrels per day next month.Fresh labor market data is scheduled to be released later this week, beginning with the Job Openings and Labor Turnover Survey for June on Tuesday. Last month's ADP employment and Challenger Job Cut reports are due on Wednesday and Thursday, respectively. The government's nonfarm payrolls data for July is out on Friday.Treasury yields were trending lower in premarket action, with the two-year rate retreating 4.7 basis points to 4.24% and the 10-year rate declining 6.1 basis points to 4.68%.Monday's economic calendar has the final Purchasing Managers' manufacturing index for July at 9:45 am ET, followed by the Institute for Supply Management's manufacturing index for the same month at 10 am.Major companies including SpaceX (SPCX), Eli Lilly (LLY), Advanced Micro Devices (AMD), Caterpillar (CAT), Merck (MRK), McDonald's (MCD), Walt Disney (DIS), Shopify (SHOP) and Uber Technologies (UBER) are slated to release their latest quarterly results this week.Palantir Technologies (PLTR), Williams (WMB) and Snap (SNAP) post their earnings after the markets close Monday, while Marriott International (MAR), EchoStar (ECHO) and Tyson Foods (TSN) are expected to announce their financial statements before the bell, among others.AstraZeneca's (AZN) US-listed shares slipped 5.1% pre-bell following media speculation that the company is in talks with Bristol Myers Squibb (BMY) about a potential combination that would create a pharmaceutical company valued at nearly $400 billion. Bristol Myers' stock gained 6.4%.Atkore (ATKR) jumped 27% early Monday after the electrical products manufacturer agreed to be acquired by Italian cable maker Prysmian in an all-cash deal with an enterprise value of about $3.8 billion.Gold inched 0.1% higher to $4,109 per troy ounce, while bitcoin was down 1.2% at $62,596.

Dow JonesNasdaq CompositeS&P 500$AMD$ATKR$AZN$BMY$CAT$DIS$ECHO$LLY$MCD$MRK$PLTR$SHOP$SPCX$TSN$UBER$WMB
Commodities

Strong US Hydrocarbon Demand Lifts Midstream Profits, Supports Volume Growth, RBC Says

Strong global demand for US hydrocarbons is lifting midstream profits and supporting volume growth, RBC Capital Markets said in the midstream weekly on Friday.For the week ended July 30, the Alerian MLP Index fell 0.5% while the S&P 500 gained 0.4%, RBC said.Year to date, the AMZ has risen 21.6%, outperforming utilities by 1,614 basis points and real estate investment trusts by 155 bps, but trailing oilfield services by 1,036 bps and exploration and production companies by 1,689 bps.Front-month West Texas Intermediate crude fell 9% to about $83.50 a barrel, while Henry Hub natural gas declined 5% to $2.76 per million British thermal units.Sunoco (SUN) led weekly gains with a 1.9% advance, helped by potential refinery tailwinds, while Venture Global (VG) dropped 12.7% as weaker Dutch Title Transfer Facility gas prices weighed on sentiment, RBC said.Enterprise Products Partners (EPD) beat Q2 expectations after stronger global demand for US hydrocarbons generated about $200 million in benefits across natural gas liquids, crude oil and petrochemicals.EPD also raised growth capital spending by $700 million to add Permian processing plants and a natural gas liquids fractionator. RBC said the projects support long-term volume growth and bode well for Energy Transfer (ET), Targa Resources (TRGP) and Kinetik Holdings (KNTK).Looking ahead, RBC expects demand-driven volumes, commodity tailwinds and margin strength to remain common themes during the upcoming earnings season.RBC continues to favor Kinetik Holdings, citing new Permian gas takeaway capacity and growing opportunities in New Mexico's Delaware Basin.The firm noted the Bureau of Land Management's May 2026 lease sale generated about $4 billion in bids, surpassing the previous $972 million record set in 2018.RBC said KNTK's sour gas infrastructure provides a competitive advantage because new projects face permitting timelines of more than three years for acid gas injection wells.RBC also reaffirmed its positive view on Cheniere Energy (LNG), noting 95% of its contracted volumes extend through 2035. The firm said LNG can fund two additional brownfield expansion projects after Corpus Christi Midscale Trains 1-9 while maintaining a strong balance sheet.RBC said TRGP remains well positioned as customer-backed expansion projects reduce capital risk. The firm expects rising gas-to-oil ratios to support mid-to-high single-digit natural gas production growth even if crude production levels flatten.Williams (WMB) remains one of RBC's preferred names because of its exposure to growing power-related gas demand. The firm expects WMB to deliver more than 10% adjusted EBITDA compound annual growth through 2030, with sanctioned projects and Haynesville growth already contributing about 9%.RBC said Williams also has an attractive portfolio of Transco expansion and Power Innovation projects, which should benefit from growing power demand.Price: $76.60, Change: $+0.63, Percent Change: +0.83%

$ET$KNTK$LNG$SUN$TRGP$VG$WMB
Wire

Raymond James Adjusts Price Target on Williams to $85 From $80, Maintains Outperform Rating

Williams (WMB) has an average rating of overweight and mean price target of $84.38, according to analysts polled by FactSet.Price: $75.99, Change: $+0.73, Percent Change: +0.98%

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Commodities

Commodity Prices, Export Demand to Drive Strong US Midstream Q2 Earnings, RBC Says

Commodity prices, export demand and new infrastructure should drive strong second-quarter US midstream earnings across the sector, RBC Capital Markets said in a Tuesday note.Waha basis spreads, spot export cargoes, expanding natural gas and power demand continue to provide favorable operating conditions for the sector, RBC said.RBC expects the Iran conflict and additional Permian pipeline capacity to strengthen long-term demand for US hydrocarbons, support new export infrastructure and restore previously curtailed production as takeaway constraints ease.RBC highlighted Kinetik Holdings (KNTK) and Targa Resources (TRGP) as its preferred picks, expecting both companies to post solid second-quarter results.The firm expects Kinetik to enter the second half of 2026 and 2027 with positive momentum, while Targa should benefit from supportive commodity prices and rising gas volumes as new takeaway capacity comes online.Kinder Morgan (KMI) could transfer projects from its shadow backlog into its formal project backlog during the quarter, while Williams (WMB) may provide updates on its Power Innovation financing platform, new power projects and Momentum Midstream, RBC said.RBC's second-quarter EBITDA forecasts remain within 2% of consensus across most of its coverage. It projects Venture Global (VG) about 4.4% above consensus after incorporating recent cargo and fee disclosures.RBC also expects Targa to outperform consensus on stronger-than-expected volume growth. Kinetik's margins should offset curtailed production, while the Kings Landing 2 final investment decision supports higher future output.Waha natural gas prices averaged negative $3.10 per million British thermal units during Q2 and briefly fell to about negative $8/MMBtu before recovering as additional pipeline capacity eased transportation constraints.The 570 million cubic feet per day Gulf Coast Express pipeline expansion entered service late in the quarter, helping restore some curtailed volumes. Energy Transfer (ET) also expects the first 1.5 billion cubic feet per day phase of the Hugh Brinson Pipeline to start in Q4, with some flows possible in Q3.RBC expects 5.27 Bcf/d of new Permian takeaway capacity to enter service between mid-2026 and Q1 of 2027, creating favorable conditions for higher regional production.The Iran conflict has increased spot exports of liquefied petroleum gas, crude oil and liquefied natural gas while reinforcing the need for diversified energy supplies, supporting long-term demand for US hydrocarbons and export infrastructure, RBC said.RBC identified Energy Transfer, Enterprise Products Partners, Targa Resources, ONEOK (OKE), Cheniere Energy (LNG) and Venture Global among the companies positioned to benefit from stronger export demand and future infrastructure investment.The firm also expects natural gas demand to remain a long-term growth driver as US liquefied natural gas export capacity nearly doubles by 2030 and electricity demand rises from reshoring, electrification, artificial intelligence and data center expansion, benefiting Williams and Kinder Morgan.Price: $50.47, Change: $-0.64, Percent Change: -1.25%

$ET$KMI$KNTK$LNG$OKE$TRGP$VG$WMB
Commodities

Blackstone-Led Consortium Invests $5.34 Billion in Williams Power Venture

Williams Companies (WMB) secured a $5.34 billion investment from a Blackstone-led consortium to fund its Power Innovation projects while retaining majority ownership and operational control, the company said Monday.Funds managed by Blackstone Credit & Insurance, together with Apollo and insurance vehicles and accounts managed by KKR, will acquire a 49% noncontrolling stake in Williams' five power innovation projects, the company said.Of the total commitment, $4.4 billion will cover 49% of projected growth capital spending, while Williams will receive about $0.9 billion in additional proceeds. The company will continue to own 51% of the projects and oversee their operations.Williams and the investor group will share cash distributions according to their 51%-49% ownership interests. The company also secured an option to repurchase the stake between years 7 and 14, preserving future upside, it said.Power Innovation projects included in the deal are Socrates, Apollo, Aquila, Socrates the Younger and Neo, Williams said.The company expects the transaction to provide efficient equity funding for its existing Power Innovation developments and to support its pipeline of more than 6 gigawatts of planned power projects.Williams said the investment will reduce its funding requirements, limit additional borrowing and preserve balance sheet capacity for future growth opportunities while supporting its long-term leverage target."With more than 2.6 gigawatts announced, our Power Innovation portfolio is scaling rapidly, and we look forward to delivering these critical energy solutions for American companies," said Chad Zamarin, Williams President and Chief Executive Officer.The company reaffirmed 2026 adjusted EBITDA guidance in the upper half of its $8.05 billion to $8.35 billion range. It also maintained 2026 growth capital expenditure guidance of $7 billion to $7.6 billion and maintenance capital expenditure guidance of $850 million-$950 million.Williams now expects its 2026 leverage ratio midpoint to be about 3.6x, remaining within its long-term target of 3.5x-4.0x. All other per-share guidance remains unchanged, the company said.Price: $74.86, Change: $-0.16, Percent Change: -0.22%

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Wire

Top Midday Stories: Trump Says US to Be Guardian of Hormuz Strait; Meta to Invest Over $50 Billion in Louisiana Data Center Expansion

All three major US stock indexes were down in late-morning trading Monday, as the US and Iran exchanged airstrikes over the weekend.President Donald Trump said Monday on Truth Social that the US will act as "THE GUARDIAN OF THE HORMUZ STRAIT" and will receive reimbursement for all incurred costs "at the rate of 20% on all cargo shipped." Trump said the strait is open and will remain so for all non-Iranian vessels.In company news, Meta Platforms (META) said Monday it plans to invest over $50 billion in its Richland Parish, Louisiana, infrastructure project to expand its computing capacity to 5 gigawatts. The tech giant will finance seven new natural gas-generating plants and three grid-scale batteries to completely cover its power requirements. Meta shares were down 1% around midday.Funds managed by Blackstone (BX) Credit & Finance, in partnership with Apollo Global Management (APO) and KKR-managed (KKR) insurance vehicles will invest $5.34 billion in Williams' (WMB) five Power Innovation projects in exchange for a 49% noncontrolling equity interest in the projects, Williams said Monday. Blackstone shares were down 0.8%, and Williams shares were down 0.1%. Apollo and KKR shares were down 0.8% and 0.3%, respectively.Taiwan Semiconductor Manufacturing (TSM) said Monday its net revenue for June totaled about 442.68 billion New Taiwan dollars ($13.79 billion), up 6.2% from the previous month and up 67.9% from a year earlier. Its shares were down 1.2%.First Hawaiian (FHB) said Monday it has signed a definitive agreement to acquire TriCo Bancshares (TCBK) in an all-stock deal. Under the deal terms, TriCo shareholders will receive 2.095 First Hawaiian shares for each TriCo share, valued at $63.12 per share based on First Hawaiian's July 10 closing price. First Hawaiian shares were down 4.6%, while TriCo shares were up 10.5%.Ferguson Enterprises (FERG) said Monday it has entered into a definitive agreement to acquire FWI Holdings, or FloWorks, in a deal with an enterprise value of about $1.6 billion. The deal is expected to close in Q3, subject to regulatory approvals and closing conditions. Ferguson shares were up 2.1%.Roughly a dozen states are set to file a lawsuit Monday in federal court in an effort to block Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD), Bloomberg reported, citing a person familiar with the matter. Paramount and Warner Bros. shares were up 2.7% and 0.5%, respectively.A federal appeals court on Monday vacated a district court's earlier dismissal of plaintiff claims that they were not warned that prenatal ingestion of Kenvue's (KVUE) Tylenol and its generic equivalents could cause autism spectrum disorder attention-deficit/hyperactivity disorder. Kenvue shares were down 1.6%.Price: $662.82, Change: $-6.39, Percent Change: -0.95%

$APO$BX$KKR$KVUE$META$PSKY$TSM$WBD$WMB
Wire

Blackstone, Apollo, KKR to Invest $5.34 Billion in Williams' Power Innovation Projects

Funds managed by Blackstone (BX) Credit & Insurance, in partnership with Apollo Global Management (APO) and KKR-managed (KKR) insurance vehicles will invest $5.34 billion in Williams' (WMB) five Power Innovation projects in exchange for a 49% noncontrolling equity interest in the projects, Williams said Monday.The deal includes $4.4 billion and about $0.9 billion of additional consideration to Williams, which has a buyout right between years seven and 14 valued at the Blackstone outstanding investment balance amount, the company said.Price: $124.09, Change: $+1.02, Percent Change: +0.83%

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Wire

Williams Expected to Post Lower Q2 Results as Winter Boost Recedes, UBS Says

Williams (WMB) is expected to report softer Q2 results as the benefit from severe winter weather fades and seasonal weakness across several segments weighs on performance, UBS Securities said Monday in a note.Adjusted EBITDA may drop to about $1.89 billion in Q2 from $2.25 billion in Q1 as the gas-marketing business normalizes after a strong start to the year and contributions from the Transco and West segments ease in the spring, UBS said.Williams' full-year performance is expected to remain solid, supported by steady demand across its core pipeline and gathering operations, the note said. UBS also pointed to long-term growth potential from the company's power initiatives, including the Neo project, which is slated to begin operating in H2 2028 and may add meaningful earnings over time.Investors are likely to focus on management's commentary around natural-gas market conditions, progress on power-innovation projects, capital spending, growth plans, LNG-related infrastructure, and the company's approach to potential mergers and acquisitions during the earnings call, the note said.Q2 results are expected Aug. 3.UBS has a buy rating on Williams stock with a $91 price target.Price: $74.86, Change: $-0.20, Percent Change: -0.27%

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Wire

Sector Update: Energy Stocks Higher Monday Afternoon

Energy stocks advanced Monday afternoon, with the NYSE Energy Sector Index increasing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.4%.The Philadelphia Oil Service Sector Index was shedding 0.8%, and the Dow Jones US Utilities Index decreased 0.6%.Front-month West Texas Intermediate crude oil rose 2.4% to $70.92 a barrel, and the global benchmark Brent crude contract added 1.8% to $73.31 a barrel. Henry Hub natural gas futures fell 2.9% to $3.18 per 1 million BTU.In sector news, President Donald Trump said the US will meet with Iran in Doha, Qatar, on Tuesday, after US officials said both sides agreed to "stand down for now" and that negotiations remained on track following strikes over the weekend, CNN reported Monday, adding that Iran has not confirmed that talks will take place.In corporate news, Matador Resources' (MTDR) majority-owned San Mateo Midstream joint venture has agreed to acquire the operating subsidiaries of Cardinal Midstream Partners from EnCap Flatrock Midstream for $752 million in cash. Matador shares rose 0.6%.Kolibri Global Energy (KGEI) shares jumped 7% after the firm said it expects revenue of $78 million to $84 million for its 2026 base forecast, assuming a $70 oil price for the rest of the year.Williams Companies (WMB) a natural gas processing infrastructure enterprise, may buy peer pipeline operator Momentum Midstream for about $5.5 billion, Bloomberg reported Sunday. Williams shares were down 3.7%.

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Sectors

Sector Update: Energy Stocks Edge Higher Pre-Bell Monday

Energy stocks were edging higher pre-bell Monday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.2%.The United States Oil Fund (USO) was up 1% and the United States Natural Gas Fund (UNG) was 3.4% lower.Front-month US West Texas Intermediate crude oil was 1.1% higher at $69.96 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.6% to $72.40 per barrel, and natural gas futures were down 2.8% at $3.19 per 1 million British Thermal Units.Eni (E) has started enhanced gas production off the coast of Libya, in partnership with Libyan National Oil, the Italian integrated energy producer said. Shares of Eni were up more than 1% premarket.Matador Resources (MTDR) majority-owned San Mateo Midstream joint venture has agreed to acquire the operating subsidiaries of Cardinal Midstream Partners from EnCap Flatrock Midstream for $752 million in cash, the company said. Matador Resources stock was up more than 1% pre-bell.Williams (WMB) may buy peer pipeline operator Momentum Midstream for about $5.5 billion, Bloomberg reported, citing unnamed people familiar with the matter. Shares of Williams were marginally declining premarket.

$E$MTDR$UNG$USO$WMB$XLE
Commodities

Update: Market Chatter: Williams in Late-Stage Talks to Acquire Momentum Midstream for About $5.5 Billion

(Updates last paragraph to note EnCap Flatrock Midstream's response.)Williams (WMB), the Oklahoma-based energy infrastructure company, is in late-stage discussions for an approximately $5.5 billion deal for the acquisition of Momentum Midstream, the Texas-based natural gas pipeline operator, Bloomberg reported Sunday, citing undisclosed sources.The company is negotiating the acquisition from private equity firm EnCap Flatrock Midstream in what the report termed as potentially one of its largest deals yet.An announcement regarding the transaction could be expected in about a week, although a final decision has not been taken yet, the report said.A deal would add to Williams' existing pipeline infrastructure comprising over 30,000 miles of pipelines, and allow the company to transport more natural gas from the Haynesville fields in east Texas and northern Louisiana to US Gulf Coast export terminals, the report said.EnCap Flatrock Midstream declined to comment.has also reached out to Williams for a comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Commodities

Market Chatter: Williams in Late-Stage Talks to Acquire Momentum Midstream for About $5.5 Billion

Williams (WMB), the Oklahoma-based energy infrastructure company, is in late-stage discussions for an approximately $5.5 billion deal for the acquisition of Momentum Midstream, the Texas-based natural gas pipeline operator, Bloomberg reported Sunday, citing undisclosed sources.The company is negotiating the acquisition from private equity firm EnCap Flatrock Midstream in what the report termed as potentially one of its largest deals yet.An announcement regarding the transaction could be expected in about a week, although a final decision has not been taken yet, the report said.A deal would add to Williams' existing pipeline infrastructure comprising over 30,000 miles of pipelines, and allow the company to transport more natural gas from the Haynesville fields in east Texas and northern Louisiana to US Gulf Coast export terminals, the report said.has reached out to Williams and EnCap Flatrock Midstream for a comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$WMB
Equities

Market Chatter: Williams Companies May Buy Momentum Midstream for $5.5 Billion

Williams Companies (WMB) a natural gas processing infrastructure enterprise, may buy peer pipeline operator Momentum Midstream for about $5.5 billion, Bloomberg reported Sunday, citing unnamed people familiar with the matter.According to the report, Williams is in talks to acquire the privately held Momentum Midstream from private equity firm EnCap Flatrock Midstream.Representatives for Williams and EnCap Flatrock Midstream did not immediately respond to a request fromfor comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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