Core Insights - The pandemic initially caused significant uncertainties, leading to a historic drop in crude oil prices, which fell to negative $36.98 per barrel on April 20, 2020, but prices rebounded to $123.64 per barrel by March 8, 2022, due to vaccine rollouts and economic recovery [2]. Midstream Business Resilience - Midstream energy companies like Kinder Morgan, MPLX, and The Williams Companies are less vulnerable to commodity price volatility compared to oil and gas producers, as they generate stable fee-based revenues from long-term contracts [3][4]. - The midstream business model is characterized by lower risk exposure to oil and gas prices and volume fluctuations, making it more resilient during price volatility [4]. Company-Specific Insights - **Kinder Morgan (KMI)**: Operates a vast network of 79,000 miles of oil and gas pipelines, primarily earning revenue from take-or-pay contracts, which provide stable cash flows [5][8]. - **MPLX**: Focuses on transporting crude oil and refined products, securing stable cash flows through long-term contracts with shippers [6][8]. - **The Williams Companies (WMB)**: Engages in transporting, storing, gathering, and processing natural gas and natural gas liquids, well-positioned to meet the growing demand for clean energy [6][7].