UBS Expects Mixed Second-Quarter Results Across North American Pipeline Operators

North American midstream companies signaled mixed quarterly trends driven largely by seasonality and one-off weather impacts, alongside continued growth in longer-term pipeline and processing projects, UBS analysts said in a Thursday note. The Williams Companies (WMB) is projected to report second-quarter 2026 adjusted EBITDA of about $1.89 billion, down from $2.25 billion in the prior quarter. The decline is largely attributed to the absence of earnings benefits tied to Winter Storm Fern and softer seasonal results in its transmission and Gulf operations. Despite the quarterly dip, analysts expect continued strength from its power strategy, including the Neo project expected to come online in phases starting in 2028, which could contribute $460 million in annual EBITDA once fully operational. Enbridge (ENB) is expected to post second-quarter adjusted EBITDA of roughly 4.62 billion Canadian dollars ($3.25 billion), down from 5.81 billion Canadian dollars in the first quarter and slightly below consensus estimates. The decline reflects weaker seasonal performance in its gas distribution business. Management continues to advance major crude infrastructure projects, including.