Americas Pipelines and MLPs: Basin by Basin Infrastructure Updates

Goldman Sachs updates its Permian Basin outlook, raising production forecasts for dry gas and NGLs due to higher GORs and improved infrastructure timing. Midstream operators with significant Permian gas exposure, particularly TRGP, KNTK, and KGS, are highlighted as primary beneficiaries.

Key Takeaways

• 1.Raising Permian dry gas production forecast to 10.3 bcf/d growth for 2025-30 due to higher gas-oil ratios (GORs).
• 2.Infrastructure additions (GCX expansion and Hugh Brinson pipeline) are expected to help alleviate takeaway constraints.
• 3.TRGP, KNTK, and KGS are identified as top Buy-rated picks to capture Permian gas growth.

Table of Contents

• Updates to Our Basin Balances
• Pipeline Capacity Additions
• Production Forecast Changes
• Infrastructure Utilization
• Company Specific Read-Throughs
• Disclosure Appendix