North American Midstream: 5 themes to watch into 2H

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North American Midstream: 5 themes to watch into 2H

Equity Research

21 July 2026

North American Midstream

5 themes to watch into 2H

As we look toward the balance of 2026, we highlight our views

on stock positioning and key themes we expect to shape the

sector over the near to medium term. North America Midstream and Refining NEUTRAL

North America Midstream and Refining

Theresa Chen, CFA

+1 212 526 7195A dynamic backdrop for midstream theresa.chen@barclays.com

As renewed escalations in the Middle East drive sustained volatility in crude prices, we BCI, US

wait to see if commodity price-driven tailwinds persist into 2H+, and whether the

Eve Abraham

production outlook strengthens in response. +1 212 526 7805

eveanna.abraham@barclays.com

Within our coverage, we view the macro backdrop as most impactful for our liquids- BCI, US

levered names, including OKE, KNTK, and TRGP. For OKE, we continue to think longer-term

growth prospects remain largely macro-driven, especially given several discrete headwinds set Kelsey Zhu

+1 212 526 5146to impact the company over the next few years (see below for more details). To the extent that

kelsey.zhu@barclays.com

incremental production can improve utilization of OKE's existing asset base, we think the BCI, US

related step-up in earnings (~$1.5-$2.0bn/year) could likely offset these headwinds.

Catherine King

Beyond KNTK's own idiosyncratic risks related to pending litigation and sponsor equity +1 212 526 8674

overhang, we think the company also remains highly sensitive to the macro backdrop. After catherinelynn.king@barclays.com

BCI, USWaha-induced headwinds weakened KNTK's growth trajectory this year, we think a normalizing

Waha basis, coupled with a potential uptick in US crude production could support volumetric