Midstream Weekly Playbook

Research evidence excerpt

Midstream Weekly Playbook

RBC Capital Markets, LLC

Elvira Scotto, CFA (Analyst)

(212) 905-5957,

elvira.scotto@rbccm.com

Chris Goehring (AVP)

(512) 708-6384,

chris.goehring@rbccm.com

June 18, 2026

Midstream Weekly PlaybookRESEARCH Permitting, Proposals, and Performance

For the week ended 6/17/26, the AMZ was down 4.5% vs. the S&P up 2.1%. YTD, the AMZ is up 11.8%

vs. the S&P 500 up 8.4%, and is outperforming Utilities (+765 bps) while underperforming OFS (-2,768

bps), E&Ps (-1,158 bps) and REITs (-365 bps). Front month WTI was down 16% to ~$76/bbl and Henry

Hub was relatively flat at $3.17/MMBtu.

Negative performance for our coverage over the last seven days. The biggest outperformers this week

were those less sensitive to commodity price fluctuations including KGS (+0.1%), AROC (-0.6%), andEQUITY MPLX (-0.9%). The biggest underperformer was VG (-16.9%), which we attribute to lower TTF prices

(down ~17% over the last week) given the announced Iran peace deal. While both were negative, C-

corps (-4.3%) outperformed MLPs (-4.8%) this week.

Valuation. We estimate our coverage universe is trading at an average 2027E EV/EBITDA of 9.7x.

Topical this week

Permitting reform top of mind at 2026 EIC conference in DC: We sensed slightly more optimism that

permitting reform could come this year as moderate Democrats, clean energy companies, hyperscalers

and environmental groups want reform and as the Administration views permitting reform as a national

security issue for AI. But, prospects dim as the midterms approach. Clean Water Act (CWA) Section 401 is

the critical bottleneck in infrastructure development—states use 401 to veto pipelines and transmission

lines. Policymakers propose shifting 401 authority to FERC or raising the judicial standards for denial to