ETRN - ClearBridge Investments Energy MLP Strategy Q1 2022 Commentary

• ClearBridge is a leading global asset manager committed to active management. Research-based stock selection guides our investment approach, with our strategies reflecting the highest-conviction ideas of our portfolio managers.
• Russia’s invasion of Ukraine makes an already tight crude oil supply and demand balance even tighter, which should increase the value of U.S. oil and drive more drilling activity.
• Despite assertions from large U.S. oil producers that they will not accelerate drilling, the number of rigs in the U.S. has rebounded, tripling since hitting a low in August 2020.
• Increasing the number of wells drilled should result in a continued recovery in U.S. production volumes and help to drive growing cash flows for U.S. midstream companies in 2022 and 2023.

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