Oil & Gas Midstream

Operating margin for fiscal 2025. Midstream earns fees for moving and storing hydrocarbons rather than taking price risk on them, which is why margins here are both higher and far steadier than upstream or refining.

Cash from operations in fiscal 2025. Midstream is bought for distributions, so the durability of this line matters more than its growth rate.

Capital expenditure for fiscal 2025. The growth projects behind these numbers are increasingly gas infrastructure serving LNG export terminals and gas-fired power, not the crude and NGL buildouts of the shale decade.

Six years of revenue. The commodity-marketing businesses inside the larger partnerships make revenue swing with price even though the underlying fee-based earnings do not, so margin is the better read on this segment than revenue.