11:56 AM EST, 01/29/2025 (MT Newswires) -- Pipeline and midstream companies are expected to have minimal exposure to tariffs as customers continue to deliver under existing commitments, National Bank of Canada said in a Tuesday note.

The bank noted that Gibson Energy ( GBNXF ) , Pembina Pipeline ( PBA ) and Keyera ( KEYUF ) are expected to have healthier crude oil marketing margins on the horizon through 2025 relative to 2024 levels

Meanwhile, the bank said it expects Enbridge ( ENB ) ,'s economic exposure to be limited to the excess egress capacity on TMX.

National Bank said AltaGas ( ATGFF ) remains well positioned considering its Westcoast LPG export platform which primarily caters to Asian consumers.

The bank also expects limited tariff-related impacts for the natural gas pipeline operated by TC Energy ( TRP ) and Pembina.

Meanwhile, National Bank said the frac spread widening continues to underpin potential upside for unhedged NGL frac spread contributions for Pembina, AltaGas ( ATGFF ), Brookfield Infrastructure Partners (BIP-UN.TO) and Tidewater Midstream and Infrastructure ( TWMIF )

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