Midstream & Natural Gas and Majors: ET Starts Hugh Brinson Pipeline - Positive for the Basin

Research evidence excerpt

Midstream & Natural Gas and Majors: ET Starts Hugh Brinson Pipeline - Positive for the Basin

Global Research

12 July 2026ab

Midstream & Natural Gas and Majors Equities

AmericasET Starts Hugh Brinson Pipeline - Positive for the

Basin Energy

Manav Gupta

Analyst

manav.gupta@ubs.com

What happened? +1-212-713 4399

On July 10, 2026, ET made a filing with Federal Energy Regulatory Commission, Sumantra Banerjee

signaling the startup of Hugh Brinson Pipeline. Energy Transfer’s Hugh Brinson Pipeline Associate Analyst

began moving intrastate natural gas months ahead of the project’s full operational date. sumantra.banerjee@ubs.com

As per filing, Hugh Brinson Pipeline intrastate flows began June 13, 2026. The Hugh +1-212-713 5104

Brinson system now operates in both intrastate and interstate commerce. Initial Saumya Jain

construction of HBP began in 2025, with the entire system scheduled to be fully Associate Analyst

operational by March 1, 2027. The startup of this project, together with KMI's GCX saumya.jain@ubs.com

expansion that commenced service in June, is already having a positive impact on +1-212-882 0089

Permian gas pricing. Waha natural gas prices, which averaged approximately -$2.00/ Ivan Scotto

MMBtu during 1H26, have recently improved to roughly +$1.00/MMBtu, reflecting the Associate Analyst

benefits of incremental takeaway capacity. ivan.scotto@ubs.com

+1-212-713 3137

As per filing, HBP proposes to establish a maximum daily demand rate of $0.4150 per Richard DeDios

MMBtu and maximum commodity rate of $0.0500 per MMBtu. Transporter will retain Associate Analyst

up to 1.81% of the quantity of Gas received by Transporter at each Receipt Point(s) to richard.dedios@ubs.com

compensate Transporter for fuel and lost and unaccounted for gas. It is important to +1-212-713 8018