Energy Transfer recently reported their Q2 results and the stock has ticked up 2% to near its 52-week high. Distributable cash flow hit $2.59 billion, up 32% from last year, and they raised their full-year EBITDA guidance by $500 million. The company is seeing increased natural gas demand tied to AI data centers and grid expansions. They brought a new Texas pipeline online early and saw NGL exports jump 25% to a company record. They also raised their dividend for the 19th straight quarter, bringing the yield to around 6.43%. The main risk is that natural gas prices are down 29% since January. If prices stay low, it could squeeze margins on their uncommitted capacity, though their fee-based contracts offer some protection.