Midstream Hydrocarbon Express "Takeaways from EIC & LPG Export Deep Dive" Gupta

研报英文原文证据摘录

Midstream Hydrocarbon Express "Takeaways from EIC & LPG Export Deep Dive" Gupta

Global Research

22 May 2026ab

Midstream Hydrocarbon Express Equities

AmericasTakeaways from EIC & LPG Export Deep Dive

Energy

Manav Gupta

Key Takeaways from EIC Analyst

EPD - Within our coverage, we think EPD is best positioned to benefit from manav.gupta@ubs.com

growing demand of US LPG and ethane. With NRT phase 2 ramped up, EPD would +1-212-713 4399

be in a position to move 4-6 spot cargoes every month. At the start of the year, Sumantra Banerjee

expectations were +3% growth in 2026 and +10% growth in 2027. We believe Associate Analyst

we could see 2026 come in +4%. With commodity tailwinds, we could see some sumantra.banerjee@ubs.com

of the 2027 growth pulled forward. +1-212-713 5104

Saumya Jain

KMI - KMI is pursuing an opportunity set of almost $10Bn in potential projects. Its

Associate Analyst

goal is to capture a significant portion of this opportunity set. A lot of gas will be saumya.jain@ubs.com

landing at Katy hub, and the startup of Trident will allow KMI to move this gas +1-212-882 0089

eastwards in higher demand markets. KMI could even possibly upsize the Trident

Ivan Scotto

pipe, given the volume of gas landing at Katy. GCX expansion and Hiland Express

are still on target for completion in 2Q26. ivan.scotto@ubs.com

+1-212-713 3137 WMB - Management reiterated the ~6 GW backlog for power projects takes into

account turbines already reserved. Equipment is not an issue, WMB indicated it will Richard DeDios

continue to get gas turbines until the end of the decade (some beyond 2030). Associate Analyst

Unlike some peers, WMB is not constrained by lack of turbines. Simple cycle gas richard.dedios@ubs.com

+1-212-713 8018 turbines have time to power advantage and are easier to operate.