Published Date: June 29, 2026
Author: HANetf
Most MMLP holdings reported first-quarter earnings in May, with broadly constructive results underscoring the midstream sector’s improving outlook and supportive macro tailwinds. Highlighting this strength, 93.92% of MMLP’s index by weighting have grown their payouts in the last year,[1] while holdings collectively repurchased $610 million in equity in 1Q26.[2]
In May, energy stocks broadly pulled back as US benchmark oil prices fell almost -17% on reports the U.S. and Iran continued to make progress towards a deal to reopen the Strait of Hormuz.[3] With the Strait still effectively closed into early June, North American energy exports, supported by energy infrastructure companies, remain critical to the global economy. The U.S. Energy Information Administration (EIA) expects U.S. oil production to reach a new record high in 2027, reversing pre-war forecasts of a decline, as the oil futures curve points to higher-for-longer prices.[4]
For the month of May, MMLP’s underlying index, the Alerian Midstream Energy Corporation Dividend Index (AMCCD) was down -3.55% on a net-total-return basis, proving more resilient than the broad Energy Select Sector Index (IXE), which fell -5.58% for the month on a total-return basis. Energy is the second best-performing sector in the S&P 500 after information technology. Year-to-date through May, MMLP’s underlying index gained +22.83% on a net-total-return basis. This modestly lags the +26.75% total return for the Energy Select Sector Index (IXE) and the +29.54% total return for the Stoxx 600 Oil and Gas Index (SXEP), which tend to be more sensitive to oil prices. However, midstream has handily beat the S&P 500, which was up +11.27%.[5]
While the war has put oil in focus, the outlook for North American natural gas demand remains robust. U.S. LNG export capacity is projected to almost double by 2031 based on projects currently under construction, acting as the largest driver of incremental U.S. natural gas demand.[6]
U.S. domestic natural gas demand is also expected to increase alongside rising electricity needs, driven by new data centres and large-scale power plants. Proposed pipeline capacity expansions in regions like the Midwest, including those for DT Midstream (DTM, 2.71% Weight)[7] and TC Energy (TRP CN, 10.48% Weight)[8], have been heavily oversubscribed. Companies primarily focused on natural gas infrastructure make up roughly two-thirds of MMLP by weighting.[9]
As a reminder, the U.S. and Canadian energy infrastructure companies in MMLP primarily provide services for a fee, limiting their exposure to commodity prices.
Past performance is not indicative of future performance, and when you invest in ETFs your capital is at risk.
TC Energy (TRP CN, 10.48% Weight) reported in-line first quarter results and reaffirmed its 2026 comparable EBITDA and capital spending guidance. Strong U.S. natural gas demand from power generation, data centres, and LNG exports boosted the company’s unsanctioned project backlog to C$21 billion. Operational highlights included sanctioning the US$1.5 billion Appalachia Supply Project to add 0.8 billion cubic feet per day (Bcf/d) of capacity by 2030 and placing C$400 million of pipeline projects into service. Additionally, the Coastal GasLink pipeline finalised a commercial framework with LNG Canada for a proposed Phase 2 Expansion.[10]
Williams (WMB, 9.65% Weight) reported first quarter results above expectations and expects full-year adjusted EBITDA to land in the upper half of its guidance range (midpoint of $8.2 billion represents +5.8% growth vs. 2025). To support robust power demand opportunities, WMB raised its 2026 growth capital spending guidance and expects leverage to rise modestly to 4.1x, though the company is actively exploring joint venture partners for financing. Major commercial highlights included sanctioning the $2.3 billion Neo power project and the 164 million cubic feet per day (MMcf/d) Atlas Northeast data centre gas infrastructure agreement. Additionally, the company sanctioned the 273 MMcf/d Silver Spur expansion, upsized its Transco Power Express project, and announced gathering expansions in the Marcellus and Haynesville basins to meet upcoming LNG demand.[11]
Targa Resources (TRGP, 7.26% Weight) reported first quarter results ahead of consensus estimates and raised its 2026 adjusted EBITDA guidance to $5.8 billion at the midpoint, representing +17% growth vs. 2025. TRGP sanctioned two new Permian Delaware gas processing plants expected online in early 2028. Management highlighted a strong outlook with rising second quarter Permian volumes and anticipates material volume growth in late 2026 and 2027 as incremental egress capacity enters service.[12]
Keyera (KEY CN, 3.01% Weight) reported first quarter adjusted EBITDA above expectations and reaffirmed its standalone target of a 7 – 8% fee-based adjusted EBITDA CAGR from 2024 to 2027. Strategically, KEY completed its C$5.15 billion acquisition of Plains All American’s (PAGP, 3.24% Weight) Canadian natural gas liquids (NGLs) business and expects to release updated guidance in mid-June. KEY also highlighted its ~$200 million acquisition of a stake in the Simonette East gas plant. Looking forward, management anticipates strong regional basin dynamics will drive incremental crude egress and sustained condensate demand growth into the 2027 – 2028 timeframe.[13]
*Index weightings as of 29/05/2026
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.
*This fund changed its index on the 24th October 2024, from the Alerian Midstream Energy Dividend Index to the Alerian Midstream Energy Corporation Dividend Index. The index performance is a composite of the old index prior to this date and the new index after.
This report was written by, and is the opinion of, VettaFi, the index provider of the Alerian Midstream Energy Dividend Index, the underlying index of MMLP. VettaFi does not issue, sponsor, endorse, sell, or promote MMLP.
[1] https://www.etftrends.com/energy-infrastructure-content-hub/1q26-mlp-midstream-dividends-growth-trend-continues/
[2] https://www.etftrends.com/energy-infrastructure-content-hub/1q26-midstream-mlp-buybacks-steady-start-year/
[3] Source: VettaFi, Bloomberg. Data as of 29.05.2026
[4] https://www.eia.gov/outlooks/steo/
[5] Source: VettaFi, Bloomberg. Data as of 29.05.2026
[6] https://www.eia.gov/naturalgas/data.php#imports
[7] https://investor.dtmidstream.com/investors/news/news-details/2026/DT-Midstream-Reports-Strong-First-Quarter-2026-Results/default.aspx
[8] https://www.tcenergy.com/announcements/2026/2026-05-01-tc-energy-reports-strong-first-quarter-2026-operating-and-financial-results/
[9] Source: VettaFi. Data as of 29.05.2026
[10] https://www.tcenergy.com/announcements/2026/2026-05-01-tc-energy-reports-strong-first-quarter-2026-operating-and-financial-results/
[11] https://investor.williams.com/news-releases/news-release-details/williams-announces-record-first-quarter-2026-results
[12] https://www.targaresources.com/news-releases/news-release-details/targa-resources-corp-reports-record-first-quarter-2026-financial
[13] https://www.keyera.com/news-and-stories/news-releases/keyera-announces-2026-first-quarter-results/
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