Midstream/MLP 3Q25 Buybacks Surged to Record Level

• Eight constituents in the broad Alerian Midstream Energy Index (AMNA) spent a combined $1.59 billion on equity repurchases in 3Q25.
• Buyback activity increased to record levels in terms of the dollars spent on repurchases as Cheniere Energy (LNG) spent over $1 billion on buybacks alone.
• Over 75% of AMNA by weighting has a buyback authorization in place, representing 18 constituents.

Quarterly equity repurchases for midstream MLPs and corporations reached a new high watermark in 3Q25 as Cheniere Energy LNG spent over $1 billion on buybacks. Familiar players also used their authorizations during the quarter. Learn more below about 3Q25 repurchase activity and how record buybacks are amplifying total return.

For 3Q25, eight constituents of the broad Alerian Midstream Energy Index (AMNA) repurchased $1.59 billion in equity in total. That compares with nine names repurchasing a combined $956 million in 2Q25 (read more). This quarter marks the highest aggregate spend on repurchases for AMNA constituents ever, since buyback authorizations began proliferating across the midstream/MLP space in the second half of 2020. The last time buybacks were near this level was in 1Q24, when midstream/MLP repurchases totaled $1.49 billion driven by Cheniere’s $1.19 billion in buybacks.

Cheniere led the way in 3Q25 with $1.02 billion in repurchases. Cheniere has typically had the highest quarterly buyback spend among midstream companies in recent years. But this quarter was particularly hefty compared with $306 million in 2Q25. That marked the company’s highest quarterly buyback figure since 1Q24.

Targa Resources (TRGP) followed with $156 million in equity buybacks, having also announced its expectation to increase its 2026 dividend by 25% beginning with the May payout (read more). Kinetik (KNTK) bought back $100 million in 3Q25, most of which was previously disclosed in its 2Q25 earnings report on August 6.

Turning to MLPs, MPLX (MPLX) and Enterprise Products Partners (EPD) repurchased $100 million and $80 million in common units during 3Q25, respectively. Notably, EPD announced an incremental $3 billion in repurchase authorization, upsizing its total program to $5 billion. The company is set to see a step up in free cash flow next year. Management noted during its 3Q25 earnings call that the increase supports both programmatic and opportunistic buybacks.

Hess Midstream (HESM) has historically been excluded from the table below. That is because units were being repurchased from its sponsors. However, since May of this year, HESM has purchased $80 million in publicly traded shares under ASR agreements, $70 million of which were bought back in 3Q25. Other names with smaller repurchases include C-Corp Antero Midstream (AM) and MLP NGL Energy Partners (NGL).

The table below shows the energy infrastructure companies with buyback authorizations and their total repurchases as of September 30, 2025. The table also includes each company’s weighting in AMNA, the "Alerian MLP Infrastructure Index":https://vettafi.com/issuer-services/indexing/energy/alerian-energy-infrastructure/AMZI/ (AMZI), the Alerian MLP Index (AMZ), the Alerian Midstream Energy Select Index, and the Alerian Midstream Energy Corporation Dividend Index. The majority of the indexes by weighting as of November 21, 2025 have buyback authorizations in place.

Midstream/MLP buyback activity increased to record levels in 3Q25 driven by Cheniere’s outsized repurchases. Buybacks continue to compete with other uses of capital, including dividend growth and new projects. But the robust spending in 3Q25 highlights the sector’s commitment to opportunistic capital returns.

For the latest updates on the energy infrastructure space as well as a look ahead, don’t miss our next 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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AMZI is the underlying index for the Alerian MLP ETF (AMLP) and the ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB). 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). AMEI is the underlying index for the Alerian Energy Infrastructure ETF (ENFR) and the ALPS Alerian Energy Infrastructure Portfolio (ALEFX). AMCCD is the underlying index for the Alerian Midstream Energy Dividend UCITS ETF (MMLP.LN).

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