Integrateds, Refining, and Midstream: Key Takeaways from the EIC – pep in the step of midstreamers

研报英文原文证据摘录

Integrateds, Refining, and Midstream: Key Takeaways from the EIC – pep in the step of midstreamers

m privates and smaller publics who will be incentivized by being

able to get their gas out and the higher oil price. We think estimates could keep rising

for ‘27 on this theme for Permian levered NGL midstream. Glossary

The high utilization of gas midstream drives more spend EIC: Energy Infrastructure Council

EPD: Enterprise Products Partners LPThe utility-driven demand for gas pipelines has exceeded our expectations. The

competing projects Crossroads, MIST, and Vector-2 all had successful nonbinding open SPR: Strategic Petroleum Reserve

seasons (though DTM notes the movement to binding commitments will determine any LPG: Liquified Petroleum gas

were double counted demand). The utter lack of spare pipeline capacity today is driving LNG: Liquefied Natural gas

firm contracting above the amount of demand as utilities need certainty of supply. This

FERC: Federal Energy Regulatoryphenomenon shows up elsewhere as well – Boardwalk remains optimistic about Borealis,

Commissionand is now pursuing all end-user contracts (vs producers). The reach into Appalachia

supply is critical to end users, as all pipeline capacity is fully used along the routes near NGL: Natural Gas liquids

utilities, hence willingness to pay much more than before to have security of supply DTM: DT Midstream inc.

($1.30-$1.50/mcf). Another place this shows up is in rising storage rates – when there Bcfd: billion cubic feet per day

used to be spare gas pipeline capacity, this acted as daily storage buffer – now that it’s

GOR: Gas to oil ratioall full, utilities are signing rates at 25-30c/month, much more than the seasonal spread,

to have certainty to meet peak demand.