Summary
This recap curates the top five most-read stories of 2025, highlighting how midstream companies capitalized on specific growth trends while positioning for 2026 amid a mixed macro landscape.
Reader interest centered on natural gas demand drivers, specifically the continued buildout of U.S. liquefied natural gas (LNG) export capacity and the surging power needs of artificial intelligence (AI) data centers.
Steady income remains the sector’s primary draw, with consistent distribution growth and share buybacks supporting investor sentiment as the market looks ahead to 2026.
In 2025, energy infrastructure companies navigated a tough outlook for oil. Meanwhile, natural gas demand growth took center stage. It was fueled by the rapid buildout of artificial intelligence (AI) data centers and U.S. liquefied natural gas (LNG) export capacity. The sector continued to execute on dividend growth and opportunistic buybacks as companies generated free cash flow.
These were the five top-read stories on energy infrastructure in 2025:
1. Midstream Prepares for More Permian Natural Gas
The Permian Basin is best known for oil. However, the production mix within the basin has been shifting as natural gas production grows faster than crude. This piece explained how midstream companies capitalize on this growth with robust M&A activity and the construction of new processing plants and long-haul pipelines.
2. Charting Annual MLP Distribution Changes & Performance
Distribution growth represents a key tailwind for Master Limited Partnerships (MLPs). This article examined the historical relationship between year-over-year distribution changes and index performance for the Alerian MLP Index (AMZ). That capped, float-adjusted, cap-weighted index serves as the leading measure of energy infrastructure MLPs. As charted in the piece, MLPs tend to perform well when distributions are growing. More broadly, quarterly dividend recaps tend to be widely read (3Q25 recap here).
3. Energy Transfer Seizes Data Center Growth Opportunities
U.S. power demand growth, largely driven by AI data center buildout, continued to be a key theme this year. In a November webcast, Energy Transfer (ET) VP of Investor Relations Bill Baerg detailed how the midstream giant is leveraging its extensive pipeline network to secure high-return contracts with hyperscalers. Baerg highlighted a new project to supply Oracle’s (ORCL) facilities in Abilene, Texas. He noted that ET’s vast footprint is uniquely positioned to provide the 24/7 natural gas supply that AI data centers require. A broader update on midstream and the AI data center boom from September was also widely viewed (read more).
4. Sizing Up the Next Wave of U.S. LNG Export Projects
The U.S. LNG industry is growing rapidly, with export capacity projected to roughly double by 2031 based on sanctioned projects alone. This piece from September discussed the latest wave of Final Investment Decisions (FIDs) for major projects from Cheniere (LNG) and Venture Global (VG). The note also detailed timelines for upcoming projects. It explained how growing export capacity creates opportunities for the midstream companies connecting natural gas production to export terminals.
5. 2026 Midstream/MLPs: Company-Level Tailwinds Amid Macro Clouds
After relatively muted performance for energy infrastructure companies in 2025, investor attention has shifted to the outlook for 2026. This piece discussed the cautious outlook for oil next year and company-level strengths. Despite the challenging macro backdrop, midstream companies are positioned to deliver moderate EBITDA growth, continue growing dividends, and utilize buybacks as they generate free cash flow.
Bottom Line
The most-read content of 2025 reflected ongoing interest in the growth opportunities for midstream related to rising natural gas demand. Specifically, the ongoing buildout of U.S. LNG export capacity and power demand, particularly for data centers, remained in focus. Despite oil weakness, the midstream sector’s ability to provide reliable dividend growth remained a primary attraction for investors throughout the year.
To learn about the outlook for MLPs/midstream in 2026, please join our upcoming webcast “What’s in the Pipeline for MLPs/Midstream in 2026?” on Wednesday, January 14, 2026 at 2:00 pm ET. Follow the link here to register.
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AMZ is the underlying index for the JPMCFC Alerian MLP Index ETN (AMJB), the ETRACS Alerian MLP Index ETN Series B (AMUB), and the ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR).
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