Summary Despite double-digit declines in oil prices amid global oversupply concerns, North American energy infrastructure held its ground in 2025. Following a multi-year run of strong outperformance, the sector saw returns moderate last year, tracking closer to broader energy performance. Today's note reviews the midstream sector's 2025 performance and examines the factors that helped MLPs outperform their C-Corp counterparts. Midstream Tracks Broader Energy in 2025 The energy sector underperformed the broa ...