Midstream: 2Q26 Playbook

Research evidence excerpt

Midstream: 2Q26 Playbook

Global Research

16 July 2026ab

Midstream Equities

Americas2Q26 Playbook

Pipelines

Manav Gupta

Themes for 2Q26 Earnings Season Analyst

We expect 2026 key discussions to center around: 1) long term impacts from the Middle manav.gupta@ubs.com

East conflict, 2) power demand opportunities, 3) views on organic growth opportunities +1-212-713 4399

vs. M&A, 4) LNG development opportunities and permitting outlook, 5) export Sumantra Banerjee

infrastructure expansions and opportunities to serve international demand, 6) rig activity Associate Analyst

in some regions due to volatile commodity prices and technology advancements, 7) sumantra.banerjee@ubs.com

consolidation within midstream (both public and private markets) and 8) Startup of +1-212-713 5104

Permian gas pipes and its implications for the Basin. Saumya Jain

Associate Analyst

Focus on Individual Names saumya.jain@ubs.com

+1-212-882 0089

We see earnings mixed across our Midstream names QoQ driven primarily by seasonality,

but in large part, most names are up YoY. For ENB, we model 2Q26 EBITDA of C Richard DeDios

$4,618MM primarily driven by seasonally lower performance in Gas Distribution. We Associate Analyst

met with management in NYC, who noted as they are seeing a decline in Mexican richard.dedios@ubs.com

+1-212-713 8018

barrels coming to the US (offsetting the growth in volumes we are seeing in Venezuelan

crude), management sees the need for more Canadian crude for Mid-Con/Midwest and Ivan Scotto

GC refining system. For OKE, we model 2Q26 EBITDA of $2,059MM vs 1Q26 EBITDA of Associate Analyst

$1,997MM. The QoQ increase is driven by seasonally stronger performance across ivan.scotto@ubs.com

+1-212-713 3137

OKE's segments, partially offset by ~18 Mb/d of Double H volumes moving from OKE to