Midstream and NGL infrastructure is under pressure from maturing shale plays, expiring contracts, and an energy transition that is reshaping commodity flows.
Gas gathering, NGL fractionation, and pipeline networks connect upstream production to downstream demand — feeding power plants, refineries, petrochemical facilities, and export terminals. ADI Analytics works with midstream operators, producers, investors, and equipment and technology providers to make better decisions on assets, markets, commercial strategy, and transactions across the full midstream value chain.
What keeps midstream and NGL leaders up at night
Maturing shale plays are shifting production profiles and NGL yields. Volume uncertainty is putting pressure on gathering and processing economics. Aging infrastructure requires rising maintenance investment at the same time new project FIDs compete for the same capital budget.
The shift from keep-whole to fee-based contracts reduced commodity price exposure. It introduced minimum volume commitment risk in its place — a risk that grows as upstream production growth slows in mature basins. Expiring contracts, lower throughput volumes, and tariff changes are compressing revenue visibility at the same time.
Permitting timelines, regulatory obstacles, and environmental scrutiny are extending project schedules. New pipeline, compression, and storage development costs more and takes longer than it did a decade ago.
The energy transition is adding complexity that most midstream companies are still working through. CCUS, renewable natural gas, and hydrogen are creating new infrastructure opportunities — each with technology evaluation requirements and contracting structures that differ materially from conventional midstream work.
Who we are
Midstream and NGL advisory, built on 15+ years and 1,000+ projects. ADI has worked across gathering, processing, fractionation, transportation, and storage — covering the Permian, Appalachia, DJ Basin, and Gulf Coast across commercial contract analysis, asset valuation, infrastructure development, and NGL market forecasting.
What clients engage us to do
Value assets and support M&A transactions
ADI provides DCF and precedent transaction valuations for pipelines, processing facilities, and storage assets. Due diligence covers technical, commercial, and financial dimensions — including asset utilization, contract structures, backlog, and competitive positioning.
Develop and optimize commercial strategy
Engagements cover transportation service agreements, terminal use agreements, and sales and purchase agreements. Work also includes transportation tariffs, NGL marketing strategies, and risk assessment for gathering, fractionation, and storage infrastructure.
Manage capacity procurement and commercial terms
We manage fuel hedging strategies and RFPs for pipeline capacity and processing deals. Engagements include basis differential analysis and benchmarking of commercial terms across midstream counterparties.
Assess market entry and business development opportunities
Greenfield and brownfield opportunities in gathering, processing, and storage are evaluated against market entry strategy and business model options. Work includes due diligence on potential joint venture partners across U.S. and international midstream markets.
Forecast and size midstream and NGL markets
ADI delivers regional supply and demand analysis for natural gas and NGLs across key basins and demand centers. Outputs include price forecasts at Henry Hub and Mont Belvieu, takeaway capacity evaluations, and flow analysis.
Support project development and infrastructure decisions
We support FERC and state regulatory navigation, feasibility studies for compression, dehydration, and cryogenic processing infrastructure, and technology evaluation and vendor selection for midstream capital projects.
For organizations seeking rapid access to market intelligence, ADI’s article, The next wave of energy infrastructure deals will reach beyond pipelines, helps clients evaluate infrastructure investment opportunities, emerging transaction structures, and commercial considerations across energy infrastructure markets.
ADI Analytics conducted an integrated assessment of NGL production, pipeline infrastructure, and gas processing capacity to support strategic planning for an oil and gas producer. The client An independent oil and gas production company evaluating midstream and processing opportunities across key U.S. shale plays. The situation The client sought to understand NGL production trends, infrastructure […]
This research quantified the global addressable market for drag reducing agents (DRA) across crude oil, refined product, and heavy oil pipelines. ADI assessed the economic trade-offs between chemical additive injection and infrastructure expansion (looping or pump station upgrades) under varying production scenarios. The study evaluated competitive dynamics among key chemical producers and the operational requirements […]
ADI executed a targeted assessment of the global addressable market for centralized operations and remote monitoring services at gas processing facilities. The study quantified an adoption curve through a 10-year period, specifically evaluating how predictive maintenance and aftermarket spare parts management reduce downtime in hazardous or labor-constrained regions. Analysis highlighted the cultural and technical trade-offs […]
ADI executed a primary research program involving 15 in-depth interviews with experts at global operators like Saudi Aramco, Shell, and Chevron to assess technology recognition in the gas processing sector. The work benchmarked technologies including GSP, RSV, and SCORE to understand operator prioritization. Findings surfaced a critical disconnect between the technology providers and operators, as […]
ADI conducted detailed market research for a non-destructive testing (NDT) technology, analyzing its application in difficult-to-pig subsea flowlines. The work evaluated the competitive landscape between established tools like pulsed eddy current and startups using magnetometry tomographic methods. Global asset growth rates and ROV inspection speeds were modeled to estimate a market size and develop an […]
ADI assessed the market value of natural gas and hydrogen storage assets near the U.S. Gulf Coast through a detailed analysis of regional pipeline interconnects and seasonal spreads. The work evaluated the premium commanded by high-deliverability salt caverns and the technical constraints of repurposing infrastructure for hydrogen. The client Natural gas midstream operator The situation […]
This study investigated value-creation levers for midstream asset optimization in U.S. shale basins. ADI modeled the transition from keep-whole to fee-based contracts, their relative share, and analyzed how these structures shift operator focus toward operational efficiency and opex optimization. The research emphasized the risk of contract cliffs and the role of asset optimization software in […]
To quantify addressable opportunities for midstream services, ADI modeled capital and operational expenditures across North American gathering, transportation, distribution and storage assets. The study evaluated infrastructure constraints in the Permian and Appalachian basins, specifically addressing how rising maintenance needs on aging infrastructure offset cyclical volatility in new project FIDs. Proprietary spend curves were applied to […]
ADI conducted an in-depth evaluation of non-destructive testing (NDT) opportunities across a global pipeline network. The research integrated granular construction outlooks for gas transmission lines with emerging requirements in CCUS and nuclear power cooling systems to determine service demand over a 10-year period. Analysis prioritized regions such as the Asia Pacific and North America where […]
ADI executed a voice-of-customer study involving 50 interviews to benchmark a leading modular gas processing product line against global competitors. The research mapped regional buyer preferences. Findings defined the commercial trade-offs between “off-the-shelf” repeatability and the custom engineering requirements typical of hazardous overseas environments. The client Global modular plant manufacturer The situation A recent acquisition […]
ADI conducted a comprehensive assessment of the addressable market for NGL fractionation capacity over a 10-year period. The research analyzed distinct trends in demand regions like Mont Belvieu, Appalachia, and the Permian. This study surfaced the technical trade-offs between standardization and speed-to-market, and the competitive advantage of various EPC firms. The client Global equipment and […]
This assessment examined the slow-growing global addressable market for nitrogen rejection units (NRUs) over a 10-year period. ADI analyzed the technical trade-offs between pressure swing adsorption and membranes, specifically for upstream fields where nitrogen content exceeds saleable pipeline specs of 4-6 mol%. The research emphasized challenges to NRU adoption. The client Industrial gas and technology […]
ADI Analytics developed ethane pricing forecasts and strategic implications to support a midstream client’s annual planning process. The client A midstream oil and gas company seeking to understand ethane price dynamics under various market scenarios. The situation The client needed a robust view of ethane supply, demand, and pricing outlooks to inform near- and medium-term […]
ADI Analytics provided market research and entry strategy support to a major midstream company evaluating investment opportunities in the DJ Basin. The client A leading midstream operator considering strategic entry into the DJ Basin through greenfield or partnership-based investments. The situation The client needed a data-driven view of supply, demand, competitive positioning, and growth potential […]
This assessment utilized a structured modeling framework to size the total addressable market for recompression units across U.S. pipeline infrastructure. ADI evaluated the interplay between aging assets, specifically those over 20 years old, and intensifying regulatory mandates like the PIPES Act of 2020 and the Gas Mega Rule. The study surfaced critical operational trade-offs between […]
ADI investigated the structural shift in midstream commercial transactions, specifically the migration from keep-whole to fee-based contractual frameworks. The project involved a deep dive into SEC filings and senior executive interviews to benchmark average remaining contract lives and minimum volume commitments (MVCs) across 18 major operators. Findings surfaced the inherent commodity price risks remaining in […]
This study analyzed the surge in associated gas production from the Permian and Appalachia regions to forecast NGL supply through a ten-year horizon. ADI evaluated the gap between rising ethane demand from a new wave of ethylene crackers and regional fractionation capacity constraints at major hubs like Mont Belvieu. The work emphasized the technical and […]
ADI Analytics did an incredible job developing a thesis for our investments in the Marcellus. Highly-reliable source for the insight on the shale gas and energy and chemicals industries.
Bill Hall
Director, Ben Franklin Technology Partners
Kuwait Oil Company’s $16 billion pipeline lease-and-leaseback with Blackstone, Brookfield, and KKR marks the latest step in a broader shift in energy infrastructure ownership. The deal covers 13 crude oil pipelines across roughly 320 kilometers, gives the investor consortium a 49% stake in a new joint venture, and generates $7.85 billion in upfront proceeds for […]
Liquid bulk storage operators are entering a more selective growth cycle. Demand remains resilient across fuels, chemicals, liquefied petroleum gas (LPG), natural gas liquids (NGLs), biofuels, ammonia, and methanol. Increasingly, value is shifting toward terminals that can handle a broader range of products, connect to major trade routes, and generate higher returns from existing assets. […]
The midstream sector in the first half of 2026 is moving at a breakneck pace, driven by a strategic pivot toward “wellhead-to-water” natural gas liquid (NGL) integration, severe high-horsepower compression supply-chain constraints, and a massive power-generation super-cycle spurred by AI data center expansion. Rather than relying on speculative mega-projects, major pipeline operators are maximizing fee-based […]
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