Energy Infrastructure/MLPs Weekly: Initial Thoughts Into 2Q26 Earnings: Optimization, Gas Logistics, Data Center Deals in Focus; KGS, PPL CN Positive News; Comps; News Flow; Midstream Leads

Research evidence excerpt

Energy Infrastructure/MLPs Weekly: Initial Thoughts Into 2Q26 Earnings: Optimization, Gas Logistics, Data Center Deals in Focus; KGS, PPL CN Positive News; Comps; News Flow; Midstream Leads

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

10 July 2026

Energy Infrastructure/MLPs

Weekly

Initial Thoughts Into 2Q26 Earnings: Optimization, Gas

Logistics, Data Center Deals in Focus; KGS, PPL CN

Positive News; Comps; News Flow; Midstream Leads

• Initial thoughts into earnings: optimization strong, but normalized

towards quarter end. With a number of preview calls completed, we see a set

of puts and takes shaping the 2Q26 prints. On a quarter-over-quarter basis, the

absence of Winter Storm Fern tailwinds and elevated commodity prices/

volatility, though subsided by quarter end, represent two of the larger deltas. In

Head of North America Power,

our LNG coverage, supply security and geopolitical levers reaffirm an Utilities, Midstream, LNG, and

attractive contracting backdrop, with VG exuding positivity on potential Nuclear

additional medium-term and long-term SPA announcements through the AC Jeremy Tonet, CFA

balance of the year (particularly in the five year time frame). Discussions with (1-212) 622-4915

our liquids-rich names, EPD, TRGP, and ET, previewed strong optimization jeremy.b.tonet@jpmorgan.com

during the quarter, though spreads and commodity prcies had largely Vrathan Reddy

normalized by the back-half of June (though volatility could widen them (1-212) 622-4692

again). WES detailed 10 weeks of commodity price uplift benefitting results vrathan.reddy@jpmchase.com

QoQ versus only three weeks in the prior quarter. With Brazos expanding the Eli Jossen, CFA

Delaware footprint, WES continued to focus on a message of leveraging (1-212) 622-4113