Thus far in 2020, the equity price performance and elevated yields for midstream and MLPs paint a different picture than what may be drawn from fundamentals. Yields remain high, yet 2Q payouts were steady. Equity prices are well below levels from early January, but forward earnings estimates have only seen modest revisions. Midstream has the potential to generate significant free cash flow, yet it feels underappreciated. Watch our brief summer recap video for an update on the space and a discussion of potential catalysts.