UMI - Q3'21 Midstream Dividends: No Cuts Growth Profile Improving

• With no dividend cuts this quarter and some companies resuming growth for the first time since the pandemic, midstream/MLP payouts seem to be garnering positive momentum.
• The combination of an improved macro backdrop, solid operational performance in 2021, significant free cash flow generation, and equity yields more in-line with historical averages makes for a more conducive backdrop for midstream distribution growth.
• Dividend increases and buyback activity are clear signs of management teams’ confidence in their businesses. While midstream investors can anticipate more guidance on 2022 payouts in the months ahead, the data points and commentary thus far contribute to a positive outlook.

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