Midstream - Executive comp review...with a touch of salt

Research evidence excerpt

Midstream - Executive comp review...with a touch of salt

Midstream & Natural Gas

July 1, 2026

The Wolfe Byte

This is the 7th edition of our annual proxy review for our midstream coverage.

We assess CEO compensation, annual bonuses and long-term award incentives, Keith Stanley, CFA

change of control payouts, and CEO stock ownership. kstanley@wolferesearch.com

(646) 582-9243

View Keith’s Research

Sector takeaways. Average / median CEO compensation rose by a more modest 6-7% View Comp Table

in 2025 in what was a challenging year alongside declining oil prices. We continue Steve Fleishman

to find incentive targets to be too easy to achieve with every company except KNTK sfleishman@wolferesearch.com (646) 582-9241

receiving a 100% or larger payout of targeted bonuses despite a relatively tough View Steve’s Research

year. Three CEOs (KNTK, LNG, TRGP) have change of control payouts around $100M,

Burke Sansiviero

while DTM's CEO's CoC is a leading 7x his annual compensation. Overall takeaways: bsansiviero@wolferesearch.com

(646) 582-9247

Best CEO pay structures - KNTK, KMI, DTM

Long-term comp well aligned with stock performance - TRGP, OKE, KNTK

Too much cash comp instead of stock awards - LNG, SOBO, MPLX, ENB

Financial metrics are too easy to achieve - TRGP, WMB, MPLX, ENB

One-time incremental executive pay / grants - PAA, OKE

Individual stock takeaways and tidbits - see more on p. 9.

DTM - CEO change of control is ~7x annual compensation; Good comp structures

ENB - DCF/sh growth target for comp is 2-3%/yr vs. 5% public guide; Lot of cash pay

EPD - No comp committee; Chair Randa Duncan Williams paid more than EPD's co-

CEOs, while KMI's Kinder and ET's Warren get paid $1

KMI - 95% of CEO comp in LT awards; CEO tradition declining annual bonus