Infrastructure Weekly: North American Midstream & Renewable Energy Infrastructure | North America

研报英文原文证据摘录

Infrastructure Weekly: North American Midstream & Renewable Energy Infrastructure | North America

Foundation

June 23, 2026 01:29 AM GMT

Morgan Stanley & Co. LLCMNorth American Midstream & Renewable Energy Robert S Kad

Infrastructure | North America Equity Analyst

Robert.Kad@morganstanley.com +1 212 761-0065

Devin McDermott

Equity Analyst and Commodities StrategistInfrastructure Weekly Devin.McDermott@morganstanley.com +1 212 761-1125

Joy Golub

With the continued sell-off in energy equities around an Research Associate

Joy.Golub@morganstanley.com +1 212 761-4924

agreement to resume tanker flows out of the Strait of Hormuz, Victoria Xiong, CFA

we see increasing value across the midstream sector and have ResearchVictoria.Xiong@morganstanley.comAssociate +1 212 761-0228

observed an emerging uptick in generalist interest. David Arcaro, CFA

Equity Analyst

David.Arcaro@morganstanley.com +1 212 761-1817

Key Takeaways Joe Laetsch, CFA

PAA raised 2026 growth capex to $400–450mm net (from $350mm), with Joe.Laetsch@morganstanley.com +1 212 761-8804

projects expected to drive meaningful EBITDA growth starting in 2027.

Midstream Energy Infrastructure

ET announced a fully subscribed $1bn expansion at its Nederland NGL terminal, North America

Industry View Attractive

adding 240 MBPD of ethane and 55 MBPD of LPG export capacity.

TABLE OF CONTENTS

Keyera Corp. (KEY, not covered) acquired the remaining 50% stake in the KAPS

Pipeline from Stonepeak for $1.215bn (11x 2029 EV/EBITDA). • The Week in Review & Brief Notes

Whiptail Midstream re-entered the operating midstream sector through its • Infrastructure Sector Weekly Performance

acquisition of Anadarko Basin natural gas gathering and compression assets from • Infrastructure Sector Comps

WMB.