North America Midstream & Energy Infrastructure: Midsream Snapshot: So Now What

Research evidence excerpt

North America Midstream & Energy Infrastructure: Midsream Snapshot: So Now What

North America Midstream & Energy Infrastructure

19 June 2026 Citi Research

Figure 1. Sector Price Returns Figure 2. Midstream vs S&P 500

© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.

Source: Citi Research, FactSet Source: Citi Research, FactSet

Weekly Newsflow

• WES announces start-up of produced water treatment facility: WES and its partners announced the start-up of its

second produced water treatment pilot facility in Reeves County, Texas. The facility is designed to receive 2kbpd of

produced water and produce 1kbpd of freshwater. (Source: Company Release, 6/17/26)

• PAA capex guidance: PAA increased growth capex guidance to $400-$450mm from the prior $350mm guidance.

Maintenance capex guidance of $185mm remains unchanged. The release pointed to growth projects across Permian

long-haul, Canadian gathering, and Permian gathering. (Source: Company Release, 6/15/26)

• Comstock sells minority stake of Pinnacle Gas Services: CRK sold a 27% minority interest in its midstream subsidiary for

$600mm, implying a ~$2.2bln enterprise value on the business. (Source: Company Release, 6/15/26)

• ET announces export expansion: ET announced the expansion of its Nederland NGL export terminal, expected to add

240kbpd of ethane capacity and 55kbpd of LPG capacity. The expansion will be placed in-service in phases beginning

2028. (Source: Company Release, 6/18/26)

• KEY announces acquisition of remaining 50% KAPS pipeline interest: KEY acquired the remaining interest for

C$1.215bln, including C$525mm of common equity. KEY guided to a 2029 EV/EBITDA multiple of ~11x. The recently