AMJB - Midstream At Halftime: Defensiveness Wins, Gas In Focus
2025-07-09 10:30:00 ET
With half of 2025 in the books, this note looks at some of the key developments for energy infrastructure so far this year. Amid significant volatility in oil and equities broadly, MLPs/midstream managed to outperform the broader market and the energy benchmark in 1H25. Midstream names largely reaffirmed financial guidance for 2025 alongside 1Q25 results, even as companies in other sectors were pulling forecasts amid tariff uncertainty. While there is plenty to discuss, this note covers four key topics impacting MLPs/midstream in 1H25. These include:
- The positive momentum in U.S. LNG export projects
- Ongoing focus on power demand implications for natural gas
- Oil’s volatility amid tariffs and geopolitical events and midstream’s defensiveness
- The revival of natural gas pipeline projects in the U.S. Northeast