Published Date: June 3, 2025
Author: HANetf
Midstream companies began reporting earnings at the end of April. Results were mostly in-line with or ahead of consensus expectations. Companies consistently reaffirmed full-year 2025 financial guidance provided earlier in the year. While many companies in other sectors may be withdrawing or changing guidance amid market volatility, midstream’s fee-based business models and long-term contracts drive predictable cash flows.
Notably, companies continue to execute well on generating free cash flow and growing their dividends. As of 30 April, 79.2% of AMCCD by weighting announced dividends for Q1 2025, with 31.4% of the index by weighting increasing their payouts sequentially and the balance maintaining. Based on companies that have declared Q1 2025 payouts, twelve names accounting for over 70% of AMCCD by weighting have increased their payouts over the last year.
While April was broadly challenging for the energy sector as US benchmark oil prices fell from $71 per barrel (bbl) to $58/bbl, midstream was relatively defensive. MMLP’s underlying index, the Alerian Midstream Energy Corporation Dividend Index (AMCCD), fell -5.1% on a net-total-return basis in April. The Eurostoxx 600 Oil and Gas Index (SXEP) was down -10.8% for the month, while the Energy Select Sector Index (IXE) was down -13.8% on a total-return basis. Through the first four months of the year, AMCCD is up 0.9% on a net-total-return basis, while SXEP, IXE, and the S&P 500 are all negative year to date through April on a total-return basis.
Looking ahead, we believe midstream remains well positioned to weather volatility in energy markets and equities more broadly. Companies continue to execute well in pursuing growth projects, generating free cash flow, and prioritizing returns to shareholders through dividend growth and buybacks. Fee-based businesses supported by long-term contracts provide relative insulation from commodity price volatility. Healthy yields, lower leverage, and larger, more diversified businesses add to midstream’s defensive characteristics.
Natural gas continues to be a growth driver for energy infrastructure and adds to a constructive outlook for the space. Liquefied natural gas (LNG) export capacity growth is expected to drive a step change in natural gas demand, which will require more natural gas production. US LNG export capacity is expected to increase over 65% by 2030 based on projects under construction. LNG export growth creates opportunities for midstream across the natural gas value chain. As of April 30, 64.1% of AMMCD by weighting are focused on natural gas infrastructure. Other demand drivers for natural gas include reshoring and power demand, including for data centers.
Additional sources available upon request. Data as of 30/04/2025. 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.
Additional sources available upon request. Weightings as of 30/04/2025.
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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