According to Riccardo Bertocco, a partner with Bain & Company, the midstream industry is built around growth. As oil prices have plummeted, production growth has slowed and the demand for new pipeline projects has shrunk to a few key areas, meaning the midstream acquisition market could heat up as more companies turn to buying pipes to grow—and there will be plenty of competition for deals. "We're going into a wave of M&A activity in midstream. The strong need and want to get stronger," Bertocco said. "It makes more and more sense for the larger players to acquire assets."