Published Date: February 24, 2025
Author: HANetf
The outlook for North American energy infrastructure remains constructive, with midstream’s prioritization of free cash flow generation and shareholder returns via dividends and buybacks continuing so far in 2025 (see Constituent News). Four MMLP holdings have announced sequential increases for their 4Q24 dividends (paid in 1Q25), while three names have not yet announced their dividends. No companies have cut their payouts.
The underlying index for the Midstream Energy ETF, the Alerian Midstream Energy Corporation Dividend Index (AMCCD), returned 2.24% in January on a net-total-return basis. Performance for the month was in line with US energy equities and the broader US equity market, with the Energy Select Sector Index (IXE) up 2.40% and the S&P 500 up 2.78% on a total-return basis.
Most MMLP holdings will announce 4Q24 results in February, and some names are likely to initiate 2025 financial guidance. Companies that have already provided 2025 outlooks are largely expecting mid-single-digit percentage EBITDA growth relative to 2024. Beyond earnings and guidance, investors will also be looking for updates on growth opportunities related to natural gas.
Select names in MMLP with natural gas pipelines that have discussed opportunities to supply data centers came under pressure following the DeepSeek news. Its development called into question the energy demands of data centers. Natural gas demand from data centers remains a wildcard, with forecasts pointing to a broad range of possibilities. We continue to believe more computing capacity will require more energy. Natural gas represents a cost-effective, relatively quick, and reliable power source and also can act as a backup for intermittent renewables.
More broadly, the outlook for long-term North American natural gas demand growth remains strong, driven largely by ballooning liquefied natural gas (LNG) export capacity. Specifically, North American LNG export capacity is expected to increase by 13 billion cubic feet per day (Bcf/d) to 2028 based on projects under construction. Rising electricity demand, coal plant retirements, and industrial onshoring also support growing natural gas demand.
US tariffs on Canadian energy imports have also been topical. While the fate of tariffs remains unclear, tariffs would be expected to have a greater impact on Canadian producers and US refiners than midstream, as pipelines between the US and Canada tend to be highly contracted.
Additional sources available upon request. Data as of 31/01/2025. Please remember that all performance figures are showing net data. Past performance is not indicative of future performance, and when you invest in ETFs your capital is at risk.
Constituent News
ONEOK (OKE, 11.33% Weight) increased its quarterly dividend by 4.0% to $1.03 per share and announced that it had repurchased $171.7 million in shares as of mid-January, marking the first use of its $2 billion buyback authorization. OKE completed the acquisition of EnLink Midstream (former ticker ENLC) on 31 January.
Kinder Morgan (KMI, 10.19% Weight) sanctioned the Trident Intrastate Pipeline Project, which will add 1.5 Bcf/d of capacity from Katy, Texas (outside Houston) to the Port Arthur area, representing KMI’s fourth major natural gas pipeline project announced in recent months. KMI also announced the acquisition of natural gas gathering and processing assets in the Bakken for $640 million.
Williams Companies (WMB, 10.02% Weight) increased its dividend for the fourth quarter of 2024 by 5.3% to $0.50 per share, in line with its 2025 guidance range of 5-7% growth.
Antero Midstream (AM, 3.91% Weight) spent $28.7 million on share repurchases in the fourth quarter, representing the first buybacks under its $500 million authorization announced in February 2024.
Plains All American (PAGP, 2.74% Weight) increased its distribution by 20%, representing an increase of $0.25 per unit on an annualized basis compared to prior guidance for a $0.15 per unit increase.
Additional sources available upon request. Weightings as of 31/01/2025.
MMLP (Fund)AMCCDN* (Index)1M1.99%1.99%3M6.89%6.87%6M10.15%10.07%YTD31.37%31.26%12M32.83%32.71%3Y94.75%95.18%Since Inception (27/07/2020)280.93%271.68%
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31.08.2026
Performance before inception is based on back-tested data. Backtesting is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs your capital is at risk.
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