The theory that long-term contracts ensure the profitability of midstream public companies no longer appears as convincing to investors, at least not in a post-Sabine world in which “covenants that run with the land” is not a certain guideline.

From its high to its low, the Midstream 50 index of leading companies in the sector suffered a 14.8% loss of value in first-half 2017, but a late charge near the end of June tempered the setback to only 3.8%.

Given the struggles endured by the rest of the oil and gas industry, most midstream operators won’t complain.