2Q26 Midstream/MLP Buybacks: Momentum Continues

Quarterly equity repurchases for midstream MLPs and corporations remained healthy in 2Q26, keeping pace with first-quarter levels. Cheniere Energy (LNG) spent $550 million on buybacks, and familiar players also used their authorizations during the quarter. Buybacks complement ongoing dividend growth (discussed last week), which tends to be the primary means for returning cash to shareholders. Learn more about 2Q26 repurchase activity below. Key Takeaways Seven constituents in the broad Alerian Midstream Energy Index (AMNA) spent a combined $856 million on equity repurchases in 2Q26. Cheniere Energy (LNG) continued to dominate repurchase activity, spending over $500 million on buybacks in 2Q26. Roughly three-fourths of AMNA by weighting has a buyback authorization in place, representing 18 constituents. Midstream Buyback Activity Remained Strong in 2Q26 For 2Q26, seven constituents of the broad Alerian Midstream Energy Index (AMNA) repurchased an aggregate $856 million in equity, relatively in line with six names repurchasing a combined $818 million in 1Q26. As usual, Cheniere led the way in 2Q26 with $550 million in repurchases, compared with $537 million in repurchases in 1Q26. In February, Cheniere’s Board approved an incremental $9 billion repurchase authorization, bringing its total to over $10 billion through 2030. Cheniere has typically had the highest quarterly buyback spend among midstream companies in recent years, repurchasing $2.7 billion in shares last year. The stock’s decline towards the end of 2025 supported more opportunistic buying. As shown below, Cheniere’s buybacks were almost 60% of the total for AMNA constituents in 2025. For context, Cheniere was ~30% of the total repurchase spend in 2022. Other Midstream & MLP Repurchases MLPs Enterprise Products Partners (EPD) and MPLX (MPLX) repurchased $159 million and $50 million in common units during 2Q26, respectively. For the full year, EPD recently reaffirmed its expectation to generate around $1 billion in discretionary free cash flow and the company plans to allocate 50 – 60% of it toward buybacks, with the remainder directed to debt retirement. Targa Resources (TRGP) and Antero Midstream (AM) repurchased $80 million and $8 million in shares during 2Q26, respectively. MLP Genesis Energy (GEL) bought back $4 million in common units during 2Q26. Of note, Rockpoint Gas Storage Inc (RGSI CN) repurchased C$5 million in equity during the quarter and bought back nearly C$6 million more in July. Having received approval for its initial Normal Course Issuer Bid in late March, the 2Q26 purchases marked RGSI’s first buyback activity since its IPO last October. Buyback Authorizations Across Energy Infrastructure Companies The table below shows the energy infrastructure companies with buyback authorizations and their total repurchases as of June 30, 2026. The table also includes each company’s weighting in AMNA, the Alerian MLP Infrastructure Index (AMZI), the Alerian MLP Index (AMZ), the Alerian Midstream Energy Select Index (AMEI), and the Alerian Midstream Energy Corporation Dividend Index (AMCCD). The majority of the indexes by weighting as of August 13, 2026 have buyback authorizations in place. While lacking a formal authorization, Venture Global (VG) indicated that it may pursue strategic buybacks in the future to enhance shareholder returns as its capital program matures. Notably, VG recently hiked its quarterly dividend from $0.018 to $0.04 per share, following the lead of Cheniere, which uses much of the significant free cash flow generated by its completed liquefied natural gas (LNG) export terminals to return capital to shareholders. Bottom Line Midstream/MLP buyback activity remained strong in 2Q26, keeping pace with first-quarter levels, as buybacks continue to compete with other uses of capital, including dividend increases and growth proj...