Published Date: March 13, 2026
Author: HANetf
The energy sector has seen a strong start to 2026 as oversupply concerns for the oil market have become secondary to geopolitical tensions. While the macro landscape of rising oil and natural gas prices was generally supportive in January, energy infrastructure companies also benefitted from tailwinds related to dividend growth.
As a reminder, the US and Canadian energy infrastructure companies in MMLP primarily provide services for a fee, limiting their exposure to commodity prices. Companies are generating free cash flow and returning excess cash to investors through growing dividends and opportunistic buybacks.
The US oil benchmark ended January up 13.6% on rising tensions with Iran, while US natural gas prices rose 18.1% on cold weather and related production interruptions. Regarding the production outlook for 2026, the US Energy Information Administration is currently forecasting flattish oil output and modest natural gas growth.
For the month of January, MMLP’s underlying index, the Alerian Midstream Energy Corporation Dividend Index (AMCCD), gained 8.8% on a net-total-return basis, as every holding rose for the month. The index trailed the 14.0% total return of the more commodity-sensitive Energy Select Sector Index (IXE). Energy was the best-performing sector in January.
Fourth-quarter 2025 earnings season began in late January, with the majority of MMLP holdings reporting results throughout February. Financial guidance will be in particular focus for names that have not already provided outlooks. MMLP holdings that have provided guidance are generally expecting mid-single-digit percentage EBITDA growth for 2026.
For names with natural gas infrastructure, investors will be looking for updates on growth projects. Driven by rising LNG export capacity and power demand from utilities and data centres, midstream companies are seeing expansion opportunities across the US to help meet demand. This marks a shift from the recent past when pipeline projects in the US were mainly focused on moving hydrocarbons out of the Permian of West Texas and other producing regions. With approximately two-thirds of the portfolio weighted toward natural gas infrastructure, MMLP is well positioned to capitalise on rising North American natural gas demand.
Past performance is not indicative of future performance, and when you invest in ETFs your capital is at risk.
Constituent News
Kinder Morgan (KMI, 10.47% Weight) reported fourth quarter adjusted EBITDA of $2.27 billion, beating consensus expectations. The company slightly lowered 2026 EBITDA guidance to reflect asset sales and reaffirmed its 2026 capital expenditure budget of $3.4 billion. KMI’s project backlog increased by ~$650 million from the prior quarter to $10 billion, driven largely by projects to help meet power demand. Management highlighted over $10 billion in additional project opportunities being pursued beyond the committed backlog.
Williams (WMB, 10.17% Weight) increased its quarterly dividend by 5% to $0.525 per share.
ONEOK (OKE, 9.91% Weight) increased its quarterly dividend by 4% to $1.07 per share.
Kinetik (KNTK, 4.08% Weight) increased its quarterly dividend by approximately 4% to $0.81 per share.
Venture Global (VG, 1.95% Weight) disclosed that the ICC International Court of Arbitration issued a final award in its favour regarding a long-term agreement with Repsol. The tribunal ruled that VG acted as a reasonable and prudent operator in declaring its Commercial Operation Date for its Calcasieu Pass terminal, denying Repsol’s claims in their entirety and awarding fees to VG. Management noted that multiple proceedings have now affirmed the company honoured its contract terms, though ongoing arbitration cases regarding its commissioning practices remain a key risk.
*Index weightings as of 30/01/26
Midstream Energy Dividend ETF Performance As of 31/01/2026
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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