BMLP - Midstream/MLPs: 2020 Cost Discipline Has Benefits Into 2021

• Cost management and asset optimization helped partially offset macro headwinds in 2020, contributing to stable EBITDA and allowing excess cash flow to be used for debt reduction and in some cases, buybacks.
• While controlling costs helped many companies navigate market headwinds, some companies elected to reduce their distributions in order to further improve financial flexibility and reduce leverage.
• A continued focus on controlling costs and optimizing assets should benefit the space into the future as some savings prove sustainable and new efficiencies are realized.

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