Oil & Gas Midstream

Monthly US liquefied natural gas exports, converted from EIA million cubic feet per month to billion cubic feet per day. Pipeline gas to Mexico and Canada is excluded. This is the physical series behind Cheniere and the Gulf Coast terminal wave.

Monthly crude exports from EIA. The crude export ban was repealed in December 2015; volumes before that are small licensed exceptions. This is barrels leaving the Gulf, not product exports.

Weekly Lower 48 working gas, billion cubic feet. Working gas excludes base gas required to keep caverns and reservoirs pressurized. The seasonal sawtooth is the product: inject in summer, withdraw in winter.

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.

Operating cash flow minus capital expenditure for fiscal 2025. Fee-based midstream can still show a wide FCF range because growth capex for LNG-related pipe and processing sits in the same cash-flow statement as the toll-road earnings.

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.