APCA Research - Market Penetration Study

October 2025 APCA MARKET PENETRATION RESEARCH www.ContinuumCapital.net Gathering New Construction Mileage 70 Source: Propriety Continuum analysis of PHMSA raw data. Gathering pipeline growth significantly increased from 2006-2019. COVID-19 drastically reduced new construction, and Biden administration reduced it even further. 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 New Gathering Mileage Gathering

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