Energy Infrastructure/MLPs Weekly: 2Q26 Preview Takeaways and One-Liners; KMI Earnings Kickoff Next Week; Comps; News Flow; Midstream Leads Market

Research evidence excerpt

Energy Infrastructure/MLPs Weekly: 2Q26 Preview Takeaways and One-Liners; KMI Earnings Kickoff Next Week; Comps; News Flow; Midstream Leads Market

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

17 July 2026

Energy Infrastructure/MLPs

Weekly

2Q26 Preview Takeaways and One-Liners; KMI

Earnings Kickoff Next Week; Comps; News Flow;

Midstream Leads Market

• Sentiment check: KMI earnings on deck... We received general agreement

on our 2Q earnings preview note. Looking ahead to KMI’s kickoff next week,

we see expectations trending toward a natgas logistics backlog reduction given

the amount of projects coming into service relative to lower expectations for

new project announcements. As such, given the underperformance MTD,

Head of North America Power,

wider discount versus peers, and lower expectations bar, a new project Utilities, Midstream, LNG, and

announcement (or heavy foreshadowing) alongside a beat and raise could feed Nuclear

a squeeze. For the DTM, we see expectations for a LEAP expansion and an AC Jeremy Tonet, CFA

upsized Millenium R2R given Beacon demand pull. Overall, we (1-212) 622-4915

see WMB, TRGP, and KNTK messaging inspiring confidence in the near- jeremy.b.tonet@jpmorgan.com

term outlook. Separately, we see WMB’s effective 6.35% debt financing from Vrathan Reddy

Blackstone with equity treatment as highly attractive and believe the >$5bn (1-212) 622-4692

deal proceeds likely point to new Power Innovation deals of a similar capital vrathan.reddy@jpmchase.com

investment opportunity or larger, likely with a larger hyperscaler. Eli Jossen, CFA

• Midstream leads market. Midstreamers (AMNA +1.9%) outperformed the (1-212)eli.jossen@jpmchase.com622-4113

SPX (-0.1%) and landed below broader energy (+4.4%).

Francina Kolluri

Table 1: Weekly Dashboard (1-212) 270-5796