When last we visited Energy Transfer earlier in May, the midstream machine and its combo platter of crude oil, natural gas, and NGL energy infrastructure had just wrapped up a spectacular 1Q. Perhaps there was a twinkle in the eye from Executive Chairman Kelcy Warren as the company marked its achievements, the reap of rewards from last year’s $9 billion in acquisitions, and the not-so-subtle hint there could be more fish to fry given just the right cast. ...

Is that confetti raining from the sky? No, that would be a blizzard of 1Q earnings reports from our oil and gas producer friends commiserating sub-zero natural gas prices, and our midstream friends largely making hay....

Ahh, it’s quarterly report card season again. A time to share the fruits of strategy, labor, and investments over a three-month gestation that gives financial analysts a purpose in life. For the nation’s larger midstreamers sharing their recent reports, a solid A+ grade seems fitting along with a standing ovation. ...