North America Midstream and Refining: Midwestern power play pt. II

Research evidence excerpt

North America Midstream and Refining: Midwestern power play pt. II

Equity Research

North America Midstream and Refining

26 May 2026

Midwestern power play pt. II

As competition intensifies to support the rising Midwestern

power load, we assess the outlook for major projects under

development, with a spotlight on DTM's MIST and TRP's North America Midstream and Refining NEUTRAL

Crossroads expansion. North America Midstream and Refining

Theresa Chen, CFA

+1 212 526 7195

theresa.chen@barclays.com

BCI, US

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analysts with 5-Star votes in Kelsey Zhu

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Catherine King

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Since we highlighted the nascent Midwestern data center boom earlier this year, regional

project opportunities for our covered gas infrastructure incumbents have continued to

gain traction as utilities pursue expansions of local grids in support of hyperscaler load

growth.

So far, DTM and TRP have emerged as frontrunners in the region, as both companies

continue to make significant commercial progress across their respective footprints. We

think the highly oversubscribed nature of DTM's MIST and TRP's Crossroads expansion is a

testament to the scale of anticipated demand growth across the Midwest, especially given

that both projects will likely include overlapping regions of service.

Against this competitive and dynamic regional backdrop, investors remain focused on

which companies will be able to commercialize the most capacity and how resulting

expansions will translate to earnings growth.