Export & Power Demand Drive M&A Wave Across Midstream

Energy Infrastructure Content Hub Export & Power Demand Drive M&A Wave Across Midstream Elle Caruso Fitzgerald September 10, 2026 The midstream energy segment is seeing a wave of large-scale M&A after a slower start to 2026. This has been largely driven by companies racing to expand natural gas and crude oil infrastructure to support growing export demand for liquefied natural gas (LNG), natural gas liquids (NGLs), and crude oil. In addition, surging power needs are also driving domestic natural gas demand. Key Takeaways Midstream operators within the Alerian Energy Infrastructure ETF (ENFR) are accelerating M&A to expand natural gas and crude oil gathering, processing, and pipeline capacity along key U.S. corridors. Williams Companies (WMB) closed its $5.5 billion purchase of Momentum Midstream. Meanwhile, ONEOK (OKE) announced a $4.4 billion acquisition of Brazos Midstream’s Permian Midland Basin assets. The move is supported by a unique $9 billion nonvoting equity deal with Apollo (APO) . Enbridge (ENB) agreed to acquire Tallgrass Energy’s crude business for ~$2.6 billion and Salt Creek Midstream’s Delaware Basin crude gathering assets for $600 million. This expands its Rockies footprint and enhances wellhead-to-water integration to its Ingleside terminal. Midstream Heavyweights Expand Footprints via M&A Major names in the Alerian Energy Infrastructure ETF (ENFR) are deploying substantial capital to strengthen their footprints in key basins. Williams Companies (WMB) recently closed its $5.5 billion acquisition of Momentum Midstream, expanding its Haynesville natural gas infrastructure platform to directly serve Gulf Coast liquefied natural gas (LNG), power, and industrial demand. The deal adds over 4,000 miles of pipe, more than 1 million dedicated acres, and 6 billion cubic feet per day (Bcf/d) of gathering capacity. It also adds three take-or-pay pipelines featuring 4.05 Bcf/d of transportation capacity. Alongside the acquisition, WMB announced the Delta Access Pipeline Project. This entails a $1.5 billion expansion with initial capacity of 2.25 Bcf/d, expandable to 3.5 Bcf/d. The pipeline will connect Momentum’s Haynesville gathering network to the Gulf Coast. Meanwhile, ONEOK (OKE) announced an agreement to acquire Brazos Midstream’s Permian Midland Basin assets for $4.4 billion. The transaction is supported by a $9 billion nonvoting minority equity investment from Apollo (APO) . Of that amount, $5 billion is designated to extinguish existing debt and accelerate deleveraging toward its 3.25x debt-to-EBITDA target. The acquisition doubles OKE’s Midland Basin processing capacity to approximately 2.3 Bcf/d. It will also add 700 miles of gathering infrastructure upon completion of the Cassidy II processing plant in the third quarter of 2027. Management expects the transaction to be immediately accretive to earnings and free cash flow per share, with the Apollo investment closing in early September and the acquisition closing in the fourth quarter of 2026. Strategic Reach Extends Across Key Crude Corridors Canadian midstream company Enbridge (ENB) announced a ~$2.6 billion cash acquisition of Tallgrass Energy’s crude oil business. The transaction centers on a 75% interest in the 1,050-mile, ~460 thousand barrel per day (MBpd) Pony Express Pipeline. The corridor connects crude production in the Rockies to Cushing, Oklahoma. The deal also adds 8.4 million barrels (MMBbls) of connected terminal storage. In the Permian, ENB entered a definitive agreement to acquire Salt Creek Midstream’s Delaware Basin crude oil gathering business for $600 million USD. The deal includes adding roughly 500 miles of infrastructure in the Delaware Basin. Additionally, it grants 100% ownership of the Orla and Wink North systems, along with a 50% interest in the Delaware Crossing system. Supported by about 320,000 net dedicated acres, the assets bring 420 MBpd of throughput capacity and 350 thousand barrels (MBbls) of storage. The deal will offer seamless wellhead-to-water integration to the Enbridge Ingleside Energy Center. Looking for midstream insights in your inbox? Subscribe here to keep a pulse on midstream investing through our weekly updates. For more news, information, and analysis, visit the Energy Infrastructure Content Hub . vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for ENFR for which it receives an index licensing fee. However, ENFR is not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of ENFR. RELATED TOPICS energy infrastructure Content Hub ENFR SS&C ALPS Advisors Earn free CE credits and discover new strategies