Published Date: February 10, 2026
Author: HANetf
With most investors cautious on oil prices near term, it is important to recognise how energy infrastructure is different from other portions of energy. The North American energy infrastructure companies in MMLP tend to be more insulated from oil price volatility due to their fee-based business models. The portfolio is also tilted toward natural gas infrastructure, which benefits from a robust outlook for North American natural gas demand growth.
The US Energy Information Administration is currently forecasting flattish oil output for 2026 and modest natural gas growth for the year. Even with this backdrop, companies are generally expected to deliver moderate EBITDA growth. As discussed below, select companies provided 2026 guidance in December.
Fourth-quarter dividend announcements will begin in January, and MMLP holdings are expected to maintain or grow their payouts. More broadly, the sector is expected to continue generating solid free cash flow and returning capital to shareholders through dividend growth and buybacks.
For full-year 2025, MMLP’s underlying index, the Alerian Midstream Energy Corporation Dividend Index (AMCCD), gained 5.03% on a net-total-return basis, which lags the 8.03% total return for the Energy Select Sector Index (IXE). For the month of December, AMCCD was up 0.28% on a net-total-return basis as US stocks and energy equities broadly traded flat and oil and natural gas prices fell.
The long-term outlook for natural gas demand growth in North America remains robust, driven by rising liquefied natural gas (LNG) export capacity and power demand. Momentum has been picking up as data centres increasingly highlight energy as a bottleneck in their rapid growth. MMLP holdings continue to announce new agreements and pipeline projects to support this rising demand.
Past performance is not indicative of future performance, and when you invest in ETFs your capital is at risk.
Enbridge (ENB CN, 10.12% Weight) guided to 2026 adjusted EBITDA of C$20.2 – C$20.8 billion, which represents about 4% growth relative to 2025 expectations. The company increased its quarterly dividend by 3% to C$0.97 per share, effective March 1, 2026, marking 31 consecutive years of increases. Management reaffirmed 2025 guidance, expecting to finish the year in the upper half of the C$19.4 – C$20.0 billion EBITDA range. Enbridge expects to deploy ~C$10 billion of growth capital in 2026, with ~C$8 billion of new projects entering service and reaffirmed its medium-term growth outlook of 7% – 9% EBITDA CAGR through 2026 and ~5% annually post-2026.[1]
Kinder Morgan (KMI, 10.26% Weight) announced preliminary 2026 financial projections, expecting adjusted EBITDA of nearly $8.7 billion, a 4% increase versus 2025 guidance. The company plans to invest ~$3.4 billion in discretionary capital expenditures for expansion projects and joint ventures, funded substantially by internal cash flow. Management anticipates ending 2026 with a Net Debt-to-Adjusted EBITDA ratio of 3.8x, within its 3.5x – 4.5x target range and intends to raise the annualised dividend to $1.19 per share (+1.71%).[2]
Targa Resources (TRGP, 6.91% Weight) agreed to acquire Stakeholder Midstream for $1.25 billion in cash, expanding its Permian Basin gathering and processing footprint. The deal is valued at ~6x 2026 estimated unlevered adjusted free cash flow, with the assets expected to generate ~$200 million annually. The acquisition includes gathering pipelines, natural gas processing and sour gas treating capacity, and some carbon capture assets.[3]
Pembina Pipeline (PPL CN, 9.46% Weight) issued 2026 adjusted EBITDA guidance of C$4.125 billion – C$4.425 billion, missing consensus estimates of ~C$4.41 billion largely due to weaker marketing and pipeline expectations. The company plans C$1.6 billion in 2026 capital expenditures. A final investment decision for the joint venture Greenlight Electricity Centre, which will power a data centre, is targeted for the first half of 2026.[4]
Antero Midstream (AM, 3.42% Weight) announced a definitive agreement to acquire HG II Energy Midstream Holdings for $1.1 billion in cash and divest Ohio Utica Shale assets for $400 million. The acquisition is valued at ~7.5x estimated next-three-years EBITDA and is expected to be greater than 15% accretive to free cash flow after dividends. The acquisition includes gathering and water pipelines contiguous to existing infrastructure.[5]
Index weightings as of 31/12/25
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.
[1] https://www.enbridge.com/media-center/news/details?id=123869&lang=en
[2]https://ir.kindermorgan.com/news/news-details/2025/Kinder-Morgan-Announces-2026-Financial-Expectations/default.aspx
[3]https://www.targaresources.com/news-releases/news-release-details/targa-resources-corp-acquire-permian-basin-gathering-processing
[4] https://www.pembina.com/media-centre/news/details/26400a51-ee23-4209-b789-4a15c2f699d1
[5]https://www.anteromidstream.com/news-events/press-releases/detail/157/antero-midstream-announces-strategic-1-1-billion
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