Energy Infrastructure/MLPs Weekly: Midstreamers Highlight Optimization Muscle, Strong 2H Outlook in Busy Earnings Week; Comps; News Flow; Midstream Lags Market

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

07 August 2026

Energy Infrastructure/MLPs

Weekly

Midstreamers Highlight Optimization Muscle, Strong 2H

Outlook in Busy Earnings Week; Comps; News Flow;

Midstream Lags Market

Sentiment check: Midstream prints highlight constructive fundamentals

in 2H26. KNTK stood out on the week, with a +14% beat, 2026 EBITDA guide

raise (low end above Street), and positive commercial commentary inspiring

confidence in the near term outlook. Cheniere delivered another beat and raise,

driving strong price action as the 2026 EBITDA guide outpaced expectations.

We see the guidance raise likely pointing to a strong update during VG’s print

next week. WMB effectively cleared the deck, with feedback broadly

constructive on the Momentum price and organic growth opportunities,

particularly given the sizable $1.5bn Delta Access transmission project. Call

commentary reiterated confidence in the power innovation opportunity set,

with Socrates in-service demonstrating WMB’s speed to market and

operational execution advantages. For our liquids-rich levered names (ET,

EPD, TRGP), we observed broad-based optimization capabilities drive strong

results for the quarter. However, Plains underperformed, with lighter than

expected crude oil optimization and no guide raise falling short of a higher bar

into the print.

Head of North America Power,

Utilities, Midstream, LNG, and

Nuclear

Midstream lags market. Midstreamers (AMNA -3.0%) underperformed the

SPX (+3.6%) and landed in line with broader energy (-3.2%).

2Q26 earnings season under way. Across 27 midstream prints 68% beat, 25%

landed in line, and 7% missed, when measured as +/-2% of the Street median

adj EBITDA. Within our coverage VG reports next week

Key Reports:

2026 Views (2/4)

2026 Spring Series Slides (6/4)

Initiations: RGSI, SOBO, VG, WBI

Firesides: ENB, PPL CN, WMB

Data Center Fireside Series:

LineVision, McKinsey, Power Trader,

Power Trader II, Power Trader III

CCS Series: 2021, 2022, 2023, 2024

Nukes: I, II, III, IV, V, VI, VII, VIII, IX, X

RTO Capacity: ERCOT, MISO, PJM

2Q26 Earnings PM Handbook (7/29)

2Q26 Midstream Previews (6/16)

Energy Conference Takeaways (6/25)

…