Summary

• Foreign investors continue to find attractive opportunities in midstream energy infrastructure, with deals often biased towards LNG projects but a notable pipeline purchase this year.
• North American midstream companies have focused on selectively pursuing bolt-on acquisitions that capture immediate operational efficiencies at lower entry multiples.
• M&A activity has slowed somewhat from 2025, but a handful of companies have discussed plans to remain acquisitive as attractive opportunities arise.

By Kyle Richards

North American midstream M&A activity has slowed into 2026 relative to 2025. For many midstream companies, organic growth projects and returning capital to shareholders are seen as more attractive. Recent dealmaking has been focused