Defensive positioning warranted

Focus on quality

Defensive positioning warranted. We advise investors to remain defensive

and focus on quality as we expect the pullback to help differentiate the winners

and losers. However, we believe you need to start looking opportunistically

given the crude risk-reward here. Our defensive bucket would include (MWE,

EPD, PAGP, SEP, ENLC, WGP,KMI) with majority

fee-based, long-haul assets or sponsor-backed G&P, our opportunistic bucket

would include (LNG, TRGP, OKE, WMB) offering a balanced mix of assets (G&P,

gas + NGL pipelines) with solid contract portfolios while ETE and SEMG remain

core long-term holdings. More beaten down names (some of which have

leverage towards direct commodity exposure) would include (TRGP, OKE,

CEQP,ATLS,PSXP MEP,) in the event investors are looking to play the upside.

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