As commodity prices fell throughout 2015 and into the early part of this year, industry discussion became increasingly focused on breakeven economics for E&P activities in individual basins. Over time there were refinements, improving analysis from stand-alone project economics to more detailed models, including land costs, debt service, general and administrative expenses and so on. Typically, the role of midstream has not captured center stage in this process. Accounting sometimes provides for a single line item, such as "transportation, treating and gathering," but rarely does the role of midstream loom large as a critical component.
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