The company benefits from fee-based, take-or-pay contracts with investment-grade customers that underpin predictable cash flows. Recent $1.1 billion HG Mid acquisition adds over 400 highly economic undeveloped locations in the Marcellus Shale core, positioning the company for disciplined capital-efficient growth.
Cyborg Score Rationale
Eleven consecutive years of EBITDA growth and 30% year-over-year free cash flow growth in 2025 demonstrate operational excellence. 2026 guidance targets 23% net income increase and 8% EBITDA growth to $1.19-1.24 billion, with stable dividend policy and balanced capital allocation.
Top Insights
HG Mid acquisition closed for $1.1 billion, immediately adding 400+ undeveloped locations for 2026 capital deployment
2025 record free cash flow of $325M (+30% YoY) generated 20% ROIC, demonstrating capital efficiency
Company maintaining $0.90 annual dividend per share in 2026 with plans for increased quarterly distributions
2026 capex focused on high-return Marcellus infrastructure projects, rich gas buildout, and dry gas expansion on dedicated acreage
Named Competitors
Equinor Midstream — Diversified midstream energy infrastructure
PAA — Large-scale pipeline and midstream operations
Energy Transfer — Major midstream and logistics operator
Recent Developments
(February 2026) Q4 2025 earnings beat consensus with 28c adjusted EPS vs 27c expected; announced 2026 guidance of $485-535M net income