When last we visited Energy Transfer earlier in May, the midstream machine and its combo platter of crude oil, natural gas, and NGL energy infrastructure had just wrapped up a spectacular 1Q. Perhaps there was a twinkle in the eye from Executive Chairman Kelcy Warren as the company marked its achievements, the reap of rewards from last year’s $9 billion in acquisitions, and the not-so-subtle hint there could be more fish to fry given just the right cast. ...

The U.S. oil and gas pipeline network is a sight to behold that goes largely unseen save for a satellite image. Operating around the clock, shouldering a massive responsibility to keep the nation running uninterrupted at full speed, it’s also one of the world’s largest. Home to the greatest number of crude oil pipelines at 147, with another eight under development. Home to 254 natural gas pipelines—the most in North America. And still, we need more to keep pace with the vast changes underfoot that depend on this critical network....