Free cash flow has been a common topic of Alerian’s research and a focus area across energy, including midstream. While we’ve historically looked at free cash flow yields at the index level, examining expected free cash flow for individual companies may be more tangible for investors. To that end, today’s note pairs consensus estimates and company guidance for the top ten constituents of the Alerian Midstream Energy Index (AMNA) to better frame the outlook for free cash flow generation in midstream, as well as discussing the exceptions to this trend. Together, these companies