Midstream & Natural Gas "Takeaways from EIC" Gupta

Research evidence excerpt

Midstream & Natural Gas "Takeaways from EIC" Gupta

Global Research

20 May 2026ab

Midstream & Natural Gas Equities

AmericasTakeaways from EIC

Energy

Manav Gupta

Following are key takeaways from the Energy Infrastructure CEO & Investor Analyst

Conference manav.gupta@ubs.com

+1-212-713 4399

Sumantra Banerjee EPD - Within our coverage, we think EPD is best positioned to benefit from

Associate Analyst

growing demand of US LPG and ethane. With NRT phase 2 ramped up, EPD would sumantra.banerjee@ubs.com

be in a position to move 4-6 spot cargoes every month. At the start of the year, +1-212-713 5104

expectations were +3% growth in 2026 and +10% growth in 2027. We believe

Saumya Jain

we could see 2026 come in +4%. With commodity tailwinds, we could see some

of the 2027 growth pulled forward. saumya.jain@ubs.com

PSX - There is a clear path to grow midstream earnings to a $4.5Bn run rate by +1-212-882 0089

YE27. PSX announced it is moving forward with the Zeus Gas Plant that will Ivan Scotto

include the new Midland Express (MEX) pipeline and a third Coastal Blend Associate Analyst

Fractionator - 2 projects that will advance its integrated wellhead-to-market ivan.scotto@ubs.com

+1-212-713 3137 strategy. These projects add to earnings post-2027, so the midstream business

could continue to grow mid-single digits until the end of the decade. Richard DeDios

KMI - KMI is pursuing an opportunity set of almost $10Bn in potential projects. Its richard.dedios@ubs.com

goal is to capture a significant portion of this opportunity set. A lot of gas will be +1-212-713 8018

landing at Katy hub, and the startup of Trident will allow KMI to move this gas

eastwards in higher demand markets. KMI could even possibly upsize the Trident

pipe, given the volume of gas landing at Katy.