Renewed Optimism on NGL Value Chain, Continued Optimism on Gas - EIC Takeaways

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Renewed Optimism on NGL Value Chain, Continued Optimism on Gas - EIC Takeaways

TD SECURITIES (USA) LLC SECTOR NOTE

May 21, 2026

■Midstream Renewed Optimism on NGL Value Chain,

■Refining & Marketing

Continued Optimism on Gas - EIC Takeaways

Jason Gabelman THE TD COWEN INSIGHT

646 562 1309

Significant attention on Permian gas egress coming online 2H26, likely to drive higher system

jason.gabelman@tdsecurities.com

volumes and potentially drilling activity. Unclear if more egress needed. Turbine availability

Will Avila could govern gas processor growth pace. EPD and PSX talked sustained MSD EBITDA growth,

646 562 1344 more believable with optimism around Permian NGLs, while ET also sees sustained growth.

will.avila@tdsecurities.com

WMB provided color on PI financing.

Jeremy Meanwell

646 562 1374 Sentiment was definitively positive at the Energy Infrastructure Council (EIC) Conference.

jeremy.meanwell@tdsecurities.com There was renewed optimism around Permian NGL value chain while nat gas demand growth

Anthony Petrino remains constructive. We provide key thematic points below, followed by top takeaways from

646 562 1364 covered companies. We elaborate on those takeaways from page 3 of the note, including DK/

anthony.petrino@tdsecurities.com DKL, EPD, ET, KMI MPC/MPLX, LNG NEXT, PSX, TRGP, and WMB.

Permian Egress: EPD estimates 2bcf/d stuck behind Permian pipes that will come to market

with gas egress coming in 2H26. The new pipes will improve Waha prices and make some

drilling more economic, increasing volumes for crude, NGL, and gas. There is debate around

how much gas egress will be needed beyond the 11bcf/d being built. Customers may want

to sign up for additional pipeline egress beyond the current waive of new pipes out of the