Despite volatile energy prices, geopolitical tensions, and an uncertain economic outlook, the North American energy infrastructure space has seen year-to-date gains. Meanwhile, the broader energy sector has struggled amid lower oil and natural gas prices. Within midstream, performance has varied by company structures and geography. Today’s note looks at midstream performance this year. It also examines some of the underlying factors driving MLP outperformance relative to U.S. and Canadian corporations. Midstream or energy infrastructure encompasses a subset of the energy sector that handles the transportation, processing, and storage of energy products. Services are largely provided under long-term, fee-based contracts.