In meetings with investors, a common question is how midstream compares with the integrated majors and energy more broadly. Investors are wanting to know what midstream has to offer relative to typical energy holdings such as Exxon (XOM), Chevron (CVX), or the Energy Select Sector SPDR ETF (XLE). In today's piece, we compare midstream with these majors and the underlying index for the XLE on a variety of quantitative metrics in addition to discussing qualitative investment considerations. We focus on XOM and CVX as they represent more than 40% of the XLE and are common