The 50,000-Mile Toll Road Under America

Breaking news,

Apple just enabled Starlink satellite support to T-Mobile iPhones.

One of the biggest potential winners from global satellite coverage?

Mode Mobile.

Just about everything Elon touches turns to gold:

But while Wall Street focuses on Apple, Mode Mobile is quietly positioned to capitalize on this global satellite revolution.

Their EarnPhone technology already:

And that was before global satellite coverage.

With SpaceX eliminating "dead zones," Mode's earning technology can reach 3B+ unbanked people globally in rural populations worldwide.

We’re talking about emerging markets with no infrastructure.

🚨 Last chance to invest at $0.50/share. Price changes on 05/29.

Over 59,000 shareholders have already claimed their shares and they’ve just secured the $MODE ticker from Nasdaq. The time to invest is now, before any potential IPO.

Tap into a $1T opportunity — invest now at just $0.50/share and get up to 20% bonus!

In 1968, a man named Dan Duncan scraped together $10,000, bought two propane trucks, and started delivering gas to wholesalers around Houston. He had spent years working at a small pipeline company called Wanda Petroleum. He knew how the plumbing of the energy business worked — the pipes, the terminals, the connection points where gas and liquids move from one place to another. He didn't want to find oil. He didn't want to drill. He wanted to build the road that oil had to travel on — and charge a toll every time something passed through.

I filled my car up last Saturday. The gas came from a refinery. Before that, it moved through a pipeline. Before that, the crude oil was separated from natural gas at a processing plant. At almost every step, Enterprise Products Partners collected a fee. I didn't know this at the pump. Neither did you. And that's exactly how the business works — invisible, essential, and paid every time something moves.

Most people think of Enterprise as an oil company. I did too, for years. It's not. It doesn't produce a single barrel. It moves, processes, stores, and exports what other companies pull out of the ground. The vast majority of its cash flow comes from fees — per barrel, per gallon, per cubic foot — baked into long-term contracts.

Duncan founded Enterprise Products Company in Houston in 1968. He grew it privately for 30 years before taking it public in 1998. Along the way, he built the largest natural gas liquids pipeline system in the country. The company merged with GulfTerra Energy Partners in 2004 for roughly $13 billion — a deal that added crude oil infrastructure and deepwater assets. By the time Duncan died on March 28, 2010, the system stretched across the continent. Today, his daughter Randa Duncan Williams oversees the family's 32% stake.

The numbers are hard to absorb. Enterprise operates more than 50,000 miles of pipeline. It holds over 300 million barrels of storage capacity. In fiscal 2024, it generated $7.8 billion in distributable cash flow — a record. Net income hit $5.9 billion. And since going public in 1998, the partnership has returned more than $59 billion to unitholders in distributions and buybacks. That's not a typo. Fifty-nine billion dollars.

Twenty-seven consecutive years. That's how long Enterprise has raised its distribution — every single year since the 1998 IPO. Through $20 oil. Through $140 oil. Through a financial crisis. Through a pandemic that cratered energy demand overnight. The distribution went up anyway. And the coverage ratio — how much cash the partnership generates versus what it pays out — has stayed between 1.5 and 1.6 times. That means for every dollar it sends to unitholders, it keeps fifty to sixty cents for itself.

The pricing power is contractual. Enterprise's pipelines and processing plants operate under long-term agreements — many with built-in escalators tied to inflation. When the consumer price index rises, the fee rises with it. No negotiation. No phone call. The contract adjusts automatically. Producers can't reroute their gas through a competitor's pipeline when the nearest alternative is 200 miles away. The toll goes up. They pay anyway.

I keep thinking about Duncan's start. Ten thousand dollars and two propane trucks. He didn't raise venture capital. He loaded propane and drove it to the next town. And he kept doing that — one more pipeline, one more terminal, one more processing plant — for 30 years before anyone outside Houston had heard of him. By the time he died, he was worth an estimated $9 billion. His death came in 2010 — the one year in U.S. history when the federal estate tax had lapsed entirely. His heirs paid zero. Enterprise's co-CEO, Jim Teague, described the approach on a recent call: "Despite facing considerable headwinds, we delivered another good performance." No drama. Just performance.

The flywheel runs on gravity. America produces more natural gas and natural gas liquids than any country on Earth. That production has to go somewhere — to a fractionator, to a terminal, to an export dock, to a petrochemical plant. Enterprise connects all of those points. And every new well drilled in the Permian or the Eagle Ford or the Haynesville eventually needs Enterprise's system. More production means more volume through the same pipes. Revenue rises. The infrastructure is already built.

WHY THIS WORKS

What most people miss: Dan Duncan started with $10,000 and two propane trucks in 1968. He built it privately for 30 years, never raising outside capital. When he died in 2010, he was worth $9 billion — and because the federal estate tax had lapsed for that single year, his heirs paid zero. The man who built a 50,000-mile toll road timed even his exit perfectly.