North America Midstream and Refining: The borealis effect

研报英文原文证据摘录

North America Midstream and Refining: The borealis effect

Equity Research

North America Midstream and Refining

9 June 2026

The borealis effect

As Boardwalk advances its Borealis project, we consider the

potential impacts to regional S/D dynamics. Although the

project would likely benefit our covered companies with a North America Midstream and Refining NEUTRAL

nearby G&P footprint, we think our proximate gas North America Midstream and Refining

infrastructure incumbents could face heightened Theresa Chen, CFA

competition. +1 212 526 7195 theresa.chen@barclays.com

BCI, US

We appreciate your 5-star vote in the 2026 Extel All-America Research Survey in the Midstream Eve Abraham

& Natural Gas category (Search "Chen Barclays"). View our analysts » Vote 5 Stars for Barclays » +1 212 526 7805

eveanna.abraham@barclays.com

At ~2 bcf/d, Boardwalk Pipeline Partners' proposed Borealis project would mark a major BCI, US

expansion of Appalachian egress into the Midwest and ultimately the USGC via the

Kelsey Zhu

partnership's existing TGT system. To this end, the project would play an important role in

+1 212 526 5146

satisfying robust supply-push egress needs coupled with gas demand growth attributable kelsey.zhu@barclays.com

to the data center buildout, and rising LNG feedgas demand along the USGC. BCI, US

We would expect the resulting uptick in Marcellus/Utica-sourced gas to underwrite Catherine King

incremental G&P expansion opportunities for our covered midstream operators with a +1 212 526 8674

catherinelynn.king@barclays.comnearby footprint, including DTM, MPLX, and WMB. We think DTM in particular also has the

potential to benefit from and/or participate in the Borealis project on the transmission

side via its Midwestern pipeline in conjunction with ENB's TETCO line.