| Growth Outlook |
| AI data-center demand for natural gas transport is a genuine new growth driver - Energy Transfer's CloudBurst deal (up to 1.2 GW of behind-the-meter gas power) and Energy Transfer's raised 2026 EBITDA guidance both reflect this. Every major MLP in the space raised its distribution in H1 2026, and coverage ratios remain above 1.3-1.7x at the largest names, supporting continued payout growth. |