Midstream Investors Increasingly Supportive of Growth Since Our Last Survey

Research evidence excerpt

Global Research

SECTOR NOTE

September 8, 2026

Midstream Investors Increasingly Supportive of Growth

Since Our Last Survey

■ Energy Infrastructure

■ Power & Utilities

Aaron MacNeil, CA^

John Mould, CFA^

Mark Newson, CFA^

Prtishtha Soni^

THE TD COWEN INSIGHT

Our latest survey suggests investors increasingly view the sector as being in the early innings of a multi-year growth cycle.

Relative to our March survey, investors appear more willing to support larger capital programs, modest leverage flexibility,

alternative financing structures and selective M&A. That said, financial discipline remains non-negotiable.

Details & Key Takeaways: We conducted a second midstream-focused investor survey covering capital allocation

priorities and strategic initiatives through both broad and company-specific questions. Company summaries and a

question-by-question breakdown follow.

Growth Increasingly Supported: Organic growth remains the highest capital allocation priority, with ~90% of respondents

ranking contracted expansions as their top priority.

Growth Needs Guardrails: Investors support larger capital programs, but generally favor maintaining leverage targets and

utilizing alternative financing structures, partnerships and capital recycling.

M&A Remains Secondary: Investors remain open to M&A that strengthens existing franchises, but still rank it well behind

organic growth.

Cash Flow Quality Still Matters: Despite a more constructive growth backdrop, investors continue to prioritize contracting

and balance-sheet strength.

Company-specific Comments:

ALA: Views remain positive on REEF; investors increasingly seek contractual support for future expansions, while

confidence is most likely to improve through greater visibility into REEF's long-term growth runway.

ENB: Investors support growth so long as leverage remains in target range, Mainline durability remains the key debate.

GEI: Investors see capex opportunities tied to WCSB production growth, but would like greater backlog visibility.

KEY: Investor sentiment toward Keyera remains constructive, with overwhelming support for organic investments.

…