By Stacey Morris
In the wake of the oil downturn, capital discipline has come into focus for many energy-related companies, including MLPs and exploration and production (E&P) companies. Despite this emphasis, several MLPs and E&Ps raised guidance for 2018 capital expenditures with their 2Q18 earnings. The market reaction to the increased spending was practically opposite for MLPs and E&Ps. MLP announcements were well-received, while E&Ps generally faced selling pressure. MLP growth opportunities are ultimately a function of production growth, which depends on E&P spending. Is spending frustration for E&P investors ultimately midstream's gain?