Broad-Based Growth in 4Q25 Midstream/MLP Dividends

Core Insights - Midstream indexes have shown strong performance in early 2026, with double-digit total returns year-to-date through February 18, significantly outperforming the broader market [1] - Both MLPs and corporations contributed to sequential growth in dividends for 4Q25, with no AMNA constituent cutting dividends since July 2021 [1] - Year-over-year, 92.7% of the Alerian Midstream Energy Index (AMNA) constituents by weighting have increased their dividends [1] 4Q25 Payouts - Sequential dividend increases were observed from both MLPs and corporations, with the largest increase from Plains All American (PAA) at 9.9% to $0.4175 per unit [1] - Other notable increases included Williams (WMB) at 5.0%, ONEOK (OKE) at 3.9% to $1.07 per share, and Enbridge (ENB) at 2.9% [1] - Genesis Energy (GEL) had a significant increase of 9.1% to $0.18 per unit, while Enterprise Products (EPD) announced a 0.9% increase to $0.55 per unit [1] Year-Over-Year Comparison - Over 80% of AMZ and nearly 90% of AMZI constituents by weighting have increased their distributions in the past year [1] - For AMNA, 92.7% of the index constituents by weighting have grown payouts compared to 4Q24 [1] - Anticipated growth for 1Q26 includes Targa Resources (TRGP) planning a 25% increase to $1.25 per share and Western Midstream (WES) planning a 2.2% increase to $0.93 per unit [1] Price Performance - Midstream indexes have outperformed the broader market, with AMNA gaining 15.7%, AMZ gaining 14.7%, and AMZI gaining 14.6% year-to-date through February 18 [1] - The combination of dividend growth and capital appreciation has provided robust total returns for investors in early 2026 [1] Bottom Line - The growth in midstream/MLP dividends remains a reliable tailwind, supported by 4Q25 announcements [1] - Consistent dividend growth contributes to attractive returns for investors, alongside equity repurchases expected to be discussed in future updates [1]