1、North America Equity Research11 July 2025J P M O R G A NHead of North America Power,Utilities,Midstream,LNG,and NuclearJeremy Tonet,CFA AC(1-212)622-North American MidstreamVrathan Reddy(1-212)622-Eli Jossen,CFA(1-212)622-J.P.Morgan Securities LLCKey Reports:2025 Views(2/18)Spring Series Slides(6/5)

2、Firesides:ENB,KNTK,PPL CN,WESData Center Fireside Series:LineVision,McKinsey,Power TraderCCS Series:2021,2022,2023,2024Nukes:I,II,III,IV,V,VI,VII,VIII,IX,XRTO Capacity:ERCOT,MISO,PJMJPM Energy Conf Takeaways(6/26)E&P Production Forecast Review(6/4)May Mayhem Bracketology(5/30)EIC Takeaways(5/23)EIC

3、QBank(5/16)Global LPG Analysis(5/1)1Q25 Preview Handbook(4/28)Cash Flow Profile Analysis(4/23)SOBO Initiation(3/28)VG Initiation(2/18)Book of Permian VIII(1/30)NGL Tracker(1/29)WCSB Crude Oil Pipe S/D V(1/28)North American LNG Tracker(1/9)JPM Energy QBank(1/6)Book of Bakken VI(10/28)IPP Slides(10/18

4、)IPP Initiations(10/17)TRP Upgrade to OW(10/14)AROC Initiation(9/6)Power Data Centers(6/14)SUN Assume Coverage&UG(6/5)North American LNG Handbook(5/17)Midstream lags.Midstreamers(AMNA-1.1%)trailed the SPX(-0.3%)and broader energy(+2.5%).Sentiment:Position unwinds continue to drive more questions tha

5、n answers across our coverage.With continued OPEC+uncertainty in the market,we continue to track preference for natgas logistics over liquids rich drilling exposed midstreamers.Our TRGP preview reiterated current producer activity outlooks remain intact,creating a notable dislocation between equity

6、price and fundamentals,though we acknowledge oil sentiment downside risk.VGs upsized SPA with SEFE demonstrates positive contracting momentum on CP2,where financing appears to represent the final hurdle to FID.We note eventual post IPO unlock selling concerns could weigh on shares.Looking ahead to n