Hurdles to pipeline constructing rising Could add 33 Bcf/d of gas capacity over 2020-25 LNG is the fossil fuel poised to have the biggest earnings advantage as the North American midstream sector’s great pipeline buildout cycle winds down, according to a new Sanford C. Bernstein & Co. report. Receive daily email alerts, subscriber notes & personalize your experience. Register Now For most midstream companies, 2022 capex is expected to be minimal, “in some cases over 70% lower than 2019 levels for the company,” Bernstein analysts wrote July 29. “This means there is a paradigm shift underway in midstream equities,” the analysts said. “We no longer need companies to spend massive midstream capex to grow,” the analysts said. “… However, the downside of this is that these companies have, to some extent, lost control of their destiny, with the future cash stream now driven by the ups and downs […]