Traditional midstream infrastructure will remain foundational to oil and gas development for the foreseeable future. These assets continue to provide investors with attractive characteristics, including:

• Long-term, contracted cash flows
• Strong risk-adjusted returns
• Durable, infrastructure-like economics
• Essential services supporting domestic energy production

But the next generation of investment opportunity lies beyond conventional applications.

While conventional gathering, processing, and transportation infrastructure remains critical, the next generation of investment opportunity extends beyond traditional midstream applications.

We believe the future of infrastructure investing lies in integrated midstream platforms directly linked to power generation and high-demand end users such as hyperscale data centers. Rapid growth in artificial intelligence, cloud computing, and industrial electrification is fundamentally increasing demand for reliable, scalable power supply

• In 2023, data centers represented a relatively small percentage of total U.S. electricity demand
• That share is expected to increase significantly as AI-driven computing capacity expands
• This structural demand shift is driving convergence between midstream energy systems and power infrastructure

By extending the midstream value chain into power, investors can capture additional upside from the explosive demand growth across digital and industrial sectors.

By extending the midstream value chain into power generation, investors can capture additional value from the increasing need for firm, dispatchable energy supply supporting digital infrastructure and other power-intensive industries.

Power-linked midstream assets combine the traditional strengths of midstream infrastructure with the expanding economics of power generation, creating opportunities for enhanced long-term value creation.