Like conjoined twins,the fates of upstream and midstream oil and gas companies have historically been intertwined.But they are siblings with much different personalities.Upstreamers are wont to describe themselves as wildcatters that take big risks and generate big rewards.Meanwhile,midstream operators extol the steady,toll booth-like virtues of their assets that provide yield over an extended time frame.But changes are coming,and they have the potential to transform the midstream sector in ways that reshape traditional relationships between upstream and midstream players.Midstream private equity sponsors have begun maneuvering their portfolio companies to take advantage of these shifts.But potential roadblocks abound.
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