Strong free cash flow generation has made the mainstream adoption of buyback programs possible for energy infrastructure companies. Some companies continue to prioritize deleveraging ahead of or in concert with buybacks, and with many viewing buybacks as opportunistic, activity can be somewhat lumpy from quarter to quarter. That said, there was a notable uptick in buyback activity for midstream broadly in 3Q21 as detailed in today’s note. With midstream continuing to offer attractive income, buybacks further enhance shareholder returns and add to the total return potential of the space.