Infrastructure Weekly: North American Midstream & Renewable Energy Infrastructure | North America

Research evidence excerpt

Infrastructure Weekly: North American Midstream & Renewable Energy Infrastructure | North America

Foundation

August 3, 2026 08:38 PM GMT

Morgan Stanley & Co. LLCMNorth American Midstream & Renewable Energy Robert S Kad

Infrastructure | North America Equity Analyst

Robert.Kad@morganstanley.com +1 212 761-0065

Devin McDermott

Equity Analyst and Commodities StrategistInfrastructure Weekly Devin.McDermott@morganstanley.com +1 212 761-1125

Joy Golub

What’s Changed Research Associate

Joy.Golub@morganstanley.com +1 212 761-4924

TC Energy Corp (TRP.TO) From To Victoria Xiong, CFA

Price Target C$106.00 C$108.00 Research Associate

Midstream earnings have largely been defined by solid results Victoria.Xiong@morganstanley.com +1 212 761-0228

David Arcaro, CFA

but relatively modest project backlog increases (albeit with Equity Analyst

David.Arcaro@morganstanley.com +1 212 761-1817

more projects ahead in 2H26), while ENB noted that Blackcomb Joe Laetsch, CFA

Pipeline has started commissioning (adding further Permian Equity Analyst

Joe.Laetsch@morganstanley.com +1 212 761-8804

natural gas egress that we expect to ramp quickly).

Midstream Energy Infrastructure

North America

Key Takeaways Industry View Attractive

On 7/22, WMB provided notice to the Ohio Power Siting Board that the Socrates TABLE OF CONTENTS

South Generation Project was expected placed in-service on or about 8/1.

• The Week in Review & Brief Notes

According to Reuters, Shell and Phillips 66 are exploring the sale of their

• Infrastructure Company & Industry News

combined majority stake in Explorer Pipeline at a potential value of $3.5bn.

• Infrastructure Sector Weekly Performance

According to Reuters, BIP is exploring a potential sale of NorthRiver Midstream • Infrastructure Sector Comps