North America Midstream and Refining: EIC signals unprecedented infrastructure opportunity

Research evidence excerpt

North America Midstream and Refining: EIC signals unprecedented infrastructure opportunity

Equity Research

20 May 2026

North America Midstream and Refining

EIC signals unprecedented

infrastructure opportunity

Meetings with our midstream coverage highlighted the North America Midstream and Refining

breadth of incremental growth opportunities that are NEUTRAL Unchanged

emerging as a result of the ongoing global supply shock. We North America Midstream and Refining

Theresa Chen, CFAsee long-term structural upside for our midstream covered

names, across commodity value chains. +1theresa.chen@barclays.com212 526 7195

BCI, US

From Permian NGL infrastructure, to residue egress, to long-haul crude transportation, a Eve Abraham

structurally enhanced backdrop for US onshore production is turning the tide for +1 212 526 7805

upcoming capacity expansions across the basin and beyond. Assuming incremental eveanna.abraham@barclays.com

production materializes as expected, what was once expected to be too much is now BCI, US

unlikely to be enough. Kelsey Zhu

+1 212 526 5146

We expect this increasingly bullish outlook to translate to additional growth opportunities kelsey.zhu@barclays.com

across our coverage while improving the recontracting outlook for assets that are BCI, US

currently underutilized and/or facing upcoming renewals (e.g., ET's Lone Star, PAA's Catherine King

Cactus system, PSX's Sweeney fracs, etc.). +1 212 526 8674

catherinelynn.king@barclays.com

Although our dry gas-focused names (DTM, TRP, WMB) are largely removed from the direct BCI, US

impacts of incremental US crude production, we see ample growth opportunities for these

names (+ET, ENB, KMI) as well, driven by robust power and LNG feedgas needs, alongside

other pillars of gas infrastructure demand growth.