The midstream has continually evolved over the past 20 years and the trend continued in 2018. Indeed, a consistent theme from several major midstream companies’ fourth-quarter 2018 earning calls were dealing with the changing midstream landscape.

These included Enterprise Products Partners LP (NYSE: EPD) openly discussing the possibility of becoming the latest MLP to transition to a C-corp, while Targa Resources (NYSE: TRGP) continued to move away from a traditional MLP asset base as it further honed its integrated system approach, and Shell Midstream Partners (NYSE: SHLX) altering its shipping policy on one of its most utilized systems.

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