The third quarter was a stunner for midstream companies.

“Dividend increases and buyback activity are clear signs of management teams’ confidence in their businesses,” Alerian wrote in a research note assessing the quarter. Indeed, Alerian said, this was the first quarter in two years in which no members of its midstream indexes cut their dividends, giving investors cause for optimism as 2022 approaches.

Completing projects is always a good signal to investors, and pipeline giant Enbridge Inc. brought online a slew of them in the third quarter, headlined by the $4 billion Line 3 Replacement project.

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