Background
Midstream oil & gas investors have been getting pummeled in recent months. More accurately, the sub-sector has been in a bear market for five years, beginning with the oil price collapse in 2014-2015.
See the Alerian AMZ index performance as an example:
Source: Alerian
Midstream stock prices bounced back thereafter as the upstream sub-sector adapted to a lower oil price regime and fracking spurred a ramp-up in production.
But then, with the passage of the Tax Cuts and Jobs Act of 2017, midstream took another hit as the tax advantages of the