Energy Infrastructure/MLPs Weekly: PM Handbook; 2Q Earnings in Full-Swing with Backlog Additions Headlining Prints; RGSI Assumption; Comps; News Flow; Midstream Lags

Research evidence excerpt

Energy Infrastructure/MLPs Weekly: PM Handbook; 2Q Earnings in Full-Swing with Backlog Additions Headlining Prints; RGSI Assumption; Comps; News Flow; Midstream Lags

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

31 July 2026

Energy Infrastructure/MLPs

Weekly

PM Handbook; 2Q Earnings in Full-Swing with Backlog

Additions Headlining Prints; RGSI Assumption; Comps;

News Flow; Midstream Lags

• Sentiment check: Similar to KMI’s print last week, our investor Head of North America Power,

conversations for natgas logistics names (DTM, TRP) focused on project Utilities, Midstream, LNG, and

backlog updates, where the minor backlog additions received some pushback, Nuclear

though both names finished in the green (KMI performed well over two days). Jeremy Tonet, CFA AC

For DTM specifically, feedback focused on the MIST timing and competitive (1-212) 622-4915

dynamics versus Crossroads, with the sanctioned LEAP Phase V largely jeremy.b.tonet@jpmorgan.com

expected into the print. For EPD, while 2026 appears to be shaping up nicely, Vrathan Reddy

investor feedback pointed towards the lack of uptick in 2027 EBITDA (1-212) 622-4692

vrathan.reddy@jpmchase.com

expectations possibly fed into the weak price action. Looking ahead to next

Eli Jossen, CFA

week, as discussed in our 2Q Earnings PM Handbook, possible guidance raises

(1-212) 622-4113

include LNG, ET, SUN, WES, and TRGP. We also look for updates from eli.jossen@jpmchase.com

WMB (6+ GW BTM backlog, Transco expansions), PAA (2026 capex raise Francina Kolluri

details) and KGS (power gen additions). Separately, SOBO faces regulatory (1-212) 270-5796

headwinds on its Bridger pipeline project, as Montana’s environmental agency francina.kolluri@jpmchase.com

rescinded a previously granted waiver to streamline project development. This J.P.