Midstream Energy Offers Efficient Scale Moats at a Discount
Midstream partnerships have long been one of the moatiest industries in the energy sector and a key example of our efficient scale moat source at work. Made up of numerous regional markets and further stratified by the quality and type of hydrocarbon transported between specific locations, the oil and gas pipeline industry meets many of the criteria we look for in an efficient scale market. While the underlying business model--transporting hydrocarbons for a fee--may be simple, changes in hydroc...
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