Like something from an ancient myth, the great steel forges of the Mediterranean have spun out hundreds of miles of pipeline to cross the Permian wilderness.

And the buildout has been expensive. Beginning in 2018, transactions for midstream infrastructure assets in the Permian and elsewhere in the U.S. exceeded $100 billion, particularly as companies looked to simplify corporate structures last year, according to PwC.

But the tumult in the oil and gas markets has dogged midstream companies, driving down their value through mid-2019 even while the sector’s EBITDA remained steady during the downturn and has grown significantly since, according to a July 30 report by Moody’s Investors Service.

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