Energy Infrastructure/MLPs Weekly: JPM Natural Resources Conference: WMB, TRGP, SUN Top Meetings; Waha +, Power Torque, Producer Activity Headline Updates; News Flow; Comps; Midstream Leads

研报英文原文证据摘录

Energy Infrastructure/MLPs Weekly: JPM Natural Resources Conference: WMB, TRGP, SUN Top Meetings; Waha +, Power Torque, Producer Activity Headline Updates; News Flow; Comps; Midstream Leads

J P M O R G A N North America Equity Research

26 June 2026

Energy Infrastructure/MLPs

Weekly

JPM Natural Resources Conference: WMB, TRGP,

SUN Top Meetings; Waha +, Power Torque, Producer

Activity Headline Updates; News Flow; Comps;

Midstream Leads

• Sentiment check: thoughts out of the JPM Natural Resources Conference.

J.P. Morgan’s 11th annual Natural Resources Conference featured ~141

corporate participants, with total equity investors up 7% to 459 and scheduled

meetings up 14% YoY. Across the conference, WMB led midstreamers as the

most investor-requested name (tied for second overall), followed by LNG,

Head of North America Power,

VG, TRGP, and ET rounding out the top five most requested midstreamers. Utilities, Midstream, LNG, and

Overall, sentiment appeared most positive on WMB, anchored by a Nuclear

differentiated BTM power growth profile (possibly 8–10 years of 10%+ AC Jeremy Tonet, CFA

growth), with focus on confirmed equipment reservations for an additional (1-212) 622-4915

hyperscaler beyond META creating visibility to a hyperscaler deal around the jeremy.b.tonet@jpmorgan.com

corner. We believe any insurance-capital JV announcement would be paired Vrathan Reddy

with such a deal announcement, highlighting the potential to replicate the (1-212) 622-4692

current $10bn BTM portfolio on 15–20 year contracts with highly accretive vrathan.reddy@jpmchase.com

economics. For SUN, management brimmed with confidence on improved Eli Jossen, CFA

margins and arbitrage capture from an expanded fuel distribution platform, a (1-212) 622-4113