The midstream entered 2020 after a tough stretch. It’s a challenge to any business when your customers—the E&P sector in this case—struggle. But here’s hoping that investors begin to see midstream as a different type of investment worthy of consideration.

Midstream stocks got sucked down with their upstream brethren, although the businesses are fundamentally different. I’ve made this point in several conversations with non-energy friends recently. I’ve used the toll road analogy—something U.S. motorists seem to increasingly encounter—to make the point that midstream operators have a smoother revenue stream. Regardless of a commodity’s price, the midstream receives revenue at its toll booth whenever that commodity moves from A to B.

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