Is the great North American midstream arms race reaching a pinnacle? The race has been on over the last decade from the midstream space to keep pace with feverish L48 upstream supply growth. Over the last decade North America regional price differentials have been volatile as the midstream sector has failed to keep pace. That dynamic is teetering on flipping. Investor appetite for endless shale volume growth and capital deployment is rapidly throttling down. The crude value chain is on the precipice of regime change. Broadly the L48 crude machine will see shifting economic capture from the midstream space to upstream as the dynamic shifts from barrels competing for pipeline space, to pipelines competing for barrels. The great midstream buildout appears near an end, and new themes of asset and portfolio optimization will take center stage over mammoth greenfield FIDs.