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SteelPath commentary on the midstream energy infrastructure industry

September 12, 2025
Latest SteelPath commentary on the Midstream energy infrastructure industry

Each month, the Invesco SteelPath team provides an update and insight on the most recent midstream industry happenings. Each monthly commentary provides:

  • Market performance update
  • Recent news
  • Chart of the month

This month’s overview

Midstream equities underperformed the S&P 500 Index as second quarter earnings reporting season concluded, but attractive organic growth projects, particularly to service rising natural gas demand, continued to materialize and sector consolidation continued.1 ExxonMobil provided an updated Global Energy Outlook, a view of global supply and demand for energy and products through 2050, that signals continued growth in the global consumption of crude oil and natural gas, alongside very strong growth of renewable energy demand and a 25% reduction in global CO2 emissions.2 Visit our new SteelPath Insights page for four new short videos covering the basics of the midstream energy sector, how to invest in the space, dividend classifications, and more.

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  • 1

    Midstream MLPs, as measured by the Alerian MLP Index (AMZ), ended August down 1.83% from a price perspective and down 0.58% on a total return basis. The AMZ underperformed the S&P 500 Index’s 2.03% total return for the month. The best performing midstream subsector for August was the Marine group, while the Gathering and Processing subsector underperformed, on average. 

    For the year through August, the AMZ is up 4.08% on a price basis, resulting in a 9.81% return once distributions are considered. This compares to the S&P 500 Index’s 9.84% and 10.78% price and total returns, respectively. The Propane group has produced the best average total return year-to-date, while the Gathering and Processing subsector has lagged.

    Source: All data sourced from Bloomberg L.P. as of 8/31/2025 unless otherwise stated. 
  • 2

    ExxonMobil Global Energy Outlook, August 28, 2025.
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