Midstream - EIC preview - Questions to ask

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Midstream - EIC preview - Questions to ask

Midstream & Natural Gas

May 17, 2026

The Wolfe Byte

The Energy Infrastructure Council (EIC) investor conference will be held this

week in Florida. In this report, we outline key industry topics and provide lots of

questions to ask for each of our covered companies in attendance.

EIC annual midstream conference this week. The main meeting days will be Tuesday

and Wednesday, and we're hosting a dinner with ET on Tuesday. The stocks started

the year strong as investor preferences shifted to physical assets, but the AMUS

midstream index is only about in line with the S&P 500 since the Iran war started as

the market rally has once again been led by tech on the AI theme.

Upside opportunities to an already strong 2026. The companies are coming off

a stellar Q1 earnings season with many beats and raises, and there is continued

momentum to capture incremental marketing and commodity-related upside as the

year progresses. As we noted in our Q1 earnings recap (link), we believe there is Keith Stanley, CFA

still room for further guidance increases. We are focused on areas of potential upside kstanley@wolferesearch.com

(646) 582-9243

in financial outlooks, including from Waha spreads, LPG exports, higher processing View Keith’s Research

margins, and other spread-based opportunities. View Comp Table

2027+ production outlooks in focus. We are increasingly bullish on 2027 Permian Steve Fleishman

crude, gas, and NGL growth after recent mgmt. commentary on curtailed volumes that sfleishman@wolferesearch.com(646) 582-9241

are seemingly waiting for the floodgates to open as new gas pipelines enter service. View Steve’s Research

This is coupled with the prospect of $75+ oil in 2027 and many views that forward

Burke Sansiviero