Energy Infrastructure/ MLPs Previews Distilling 2Q26 Preview Takeaways: Commodity Uplift to Benefit 2Q; Prolific Permian & NatGas Logistics Growth Opportunities in Focus

Research evidence excerpt

Energy Infrastructure/ MLPs Previews Distilling 2Q26 Preview Takeaways: Commodity Uplift to Benefit 2Q; Prolific Permian & NatGas Logistics Growth Opportunities in Focus

J P M O R G A N North America Equity Research

16 July 2026

Energy Infrastructure/ MLPs

Previews

Distilling 2Q26 Preview Takeaways: Commodity Uplift

to Benefit 2Q; Prolific Permian & NatGas Logistics

Growth Opportunities in Focus

Heading into 2Q26, we tie together key themes and previews. We see WMB, Head of North America Power,

TRGP, and KNTK messaging inspiring confidence in the near-term outlook. On Utilities, Midstream, LNG, and

a quarter-over-quarter basis, we expect key themes to include the absence of Winter Nuclear

Storm Fern tailwinds, elevated commodity prices/volatility (though subsided by Jeremy Tonet, CFA AC

quarter-end), and positive Waha pricing spurring curtailments returning and (1-212) 622-4915

production growth. With commodity prices having round tripped before recent jeremy.b.tonet@jpmorgan.com

volatility, we do not expect corporates to message any meaningful changes to the Vrathan Reddy

outlook, though dynamic geopolitical conditions could bring back more (1-212) 622-4692

vrathan.reddy@jpmchase.com

optimization opportunity. On project backlogs, we look for updates on DTM

Eli Jossen, CFA

(LEAP FID, MLP R2R, MIST, Vector), WMB (6+ GW BTM backlog, Transco

(1-212) 622-4113

expansions), Plains (2026 capex raise details), TRP (Columbia, Crossroads, eli.jossen@jpmchase.com

NGTL), and KGS (power gen additions). Lastly, looking ahead to next week, we Francina Kolluri

await KMI’s earnings kickoff, where expectations trend toward a natgas logistics (1-212) 270-5796

backlog reduction given the amount of projects coming into service relative to francina.kolluri@jpmchase.com