The cash flow code for energy infrastructure has arrived.



Midstream Energy Company EPD holds $5.1 billion in ongoing projects, waiting to contribute cash flow. The Mentone West 2 gas processing plant (with a processing capacity of 300 MMcf per day) and the Athena project are both in progress, expected to be operational in the first half of 2026.

The peers are not idle either—KMI's capital project backlog amounts to $9.3 billion, and ENB's implemented projects are worth C$35 billion. These are all future cash cows.

In terms of valuation, EPD's EV/EBITDA is 10.45 times, slightly lower than the industry average of 10.47 times, which is not considered expensive. It has risen 4.1% in the past year, outperforming many energy stocks.

Stable cash flow + project release potential, this type of infrastructure-related US stocks is worth paying attention to.
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