wfs----- The FANG of Midstream Shine Through (Mostly). EPD, ET, OKE, and TRGP make up the four NGL Logistics companies that we call the FANG of midstream. OKE, EPD and ET have among the highest EBITDA margins among the large-cap names. (TRGP does not but the company’s metrics could be skewed by its large G&P footprint and large upfront investments yet to generate cash flow). The margins are materially higher than those of crude/ refined products pipelines MLPs. This confirms our view that NGL logistics is best positioned within midstream due to high barriers to entry and less competition (relative to oil and gas pipelines).