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SteelPath commentary on the midstream energy infrastructure industry

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 over September, but midstream sector participants continued to find attractive growth projects and execute strategic merger and acquisitions (M&A).1 Further, the space welcomed a new company to the public markets with a well-received initial public offering (IPO) of a company benefiting from the growing volumes of produced water from the Permian basin. Many market participants expect produced water volumes from the Permian basin to grow at a higher growth rate than that of crude oil production in the years to come.

Related products

  • MLPs

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    Invesco SteelPath MLP Income Fund

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    Invesco SteelPath MLP Select 40 Fund

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  • MLPs

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    Invesco SteelPath MLP Alpha Fund

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  • MLPs

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    Invesco SteelPath MLP Alpha Plus Fund

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  • Sector Equity

    PIPE

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    Invesco SteelPath MLP & Energy Infrastructure ETF

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  • 1

    Midstream MLPs, as measured by the Alerian MLP Index (AMZ), ended September down 3.70% from both a price perspective and on a total return basis. The AMZ underperformed the S&P 500 Index’s 3.64% total return for the month. The best performing midstream subsector for September was the Natural Gas Pipeline group, while the Gathering and Processing subsector underperformed, on average.

    For the year through September, the AMZ is up 0.23% on a price basis, resulting in a 5.75% return once distributions are considered. This compares to the S&P 500 Index’s 13.72% and 14.81% 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 9/30/2025 unless otherwise stated. 

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