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In recent weeks, we have discussed the stability of MLP/midstream cash flows at length by highlighting their underlying fee-based contracts with built-in protections (read more). Protections for the pipeline provider include minimum volume commitments (MVCs), which are intended precisely for the type of challenging macro environment facing midstream today. Disclosures surrounding MVCs, where available, are perhaps the most helpful data points in evaluating cash flow stability, but many investors that are new to the energy infrastructure space may be unfamiliar with how these contract features work. MVCs, which are sometimes referred to as