Energy Infrastructure/MLPs Weekly: Happy Fourth! Feedback and Thoughts on Momentum Midstream M&A Headlines; WMB and PPL CN Previews; News Flow; Comps; Midstream Lags

研报英文原文证据摘录

Energy Infrastructure/MLPs Weekly: Happy Fourth! Feedback and Thoughts on Momentum Midstream M&A Headlines; WMB and PPL CN Previews; News Flow; Comps; Midstream Lags

ac spread hedging in 2Q/3Q. For full year 2026, we

model $4.46bn JPMe versus $4.45bn Street median, both slightly above the $4.35–

$4.55bn guidance midpoint. Looking ahead, a Greenlight FID (still a positive catalyst,

in our view), Alliance CER filings, and continued Cedar LNG construction progress each

represent discrete near-term catalysts. Weighing the above, we establish our Dec 2027

price target of C$71, up from our Dec 2026 C$67 price target.

• North American Midstream: takeaways from Our J.P. Morgan Natural Resources

Conference. The 11th annual J.P. Morgan Natural Resources Conference included ~141

corporate participants that presented and/or conducted investor meetings. Total equity

investors grew 7% to 459, with scheduled meetings up 14% YoY on industry-leading

corporate access. Overall, WMB led midstreamers as the most investor requested name

(tied for second overall). WMB confirmed equipment reservations with at least one

additional hyperscaler beyond META. As such, we believe any insurance capital JV

announcement would be accompanied by a deal with a new hyperscaler, given that such

a customer would likely look for a BTM power provider that can provide multiple project

solutions. As such, given the potential to replicate the current $10bn BTM project

portfolio with contracts targeting 15-20 year durations and highly accretive

economics, WMB stands out as our favorite name leaving the

conference. Cheniere landed as the next most requested name at the conference, with

investors focused on the global energy security narrative as well as the company’s clear