Why Yesteryear’s Valuation Metrics Aren’t Sufficient for Today’s MLP

MLPs have become more total-return focused than in the past, making yield-focused valuation metrics less meaningful and causing a shift in the investor base. This piece explores historical valuation metrics and the valuation tools that are expected to become more prevalent going forward as MLPs increasingly compete with other sectors for generalist investor dollars.

EPD Analyst Day Recap: Pursuing Broad Appeal in an MLP Structure

Last week, we attended the analyst day for Enterprise Products Partners (EPD) in Houston. Company management provided commentary on a wide range of issues, including the MLP vs. C-Corp debate, crude...

When Winning Isn’t Everything: Midstream Project Returns and Why They Matter More

The focus on returns is prevalent across the energy sector as investors desire capital discipline and growth backed by solid returns instead of just growth at any cost. Today, we will frame what...

Oil Prices: The Bull Case, the Bear Case, and Wildcards That Could Throw Off Everything

Today, we discuss the oil price volatility from the last six months and lay out both the bullish and bearish arguments for prices from here. We also discuss some of the potential wildcards, including...

Midstream Credit Ratings: Making the (Investment) Grade

Who is making the (investment) grade in midstream? Today, we look at credit ratings for the broad North American midstream universe as well as the weightings of companies with investment-grade credit...

19 for ’19: Midstream EBITDA Guidance Reflects Strong Outlook

Can an investor have growth and attractive income in one investment? With midstream, the answer is yes based on 2019 EBITDA guidance for nineteen companies. Midstream’s expected growth and how it...

US LNG Exports: The Who, What, Where of Projects and Why China Relations Matter

Today, we revisit US LNG exports. What projects are starting up in 2019-2020? What projects have been green lighted for construction or are nearing the start of construction? What about the impact of...
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