FERCtastic: What MLP and Midstream Investors Should Know about the FERC

The Federal Energy Regulatory Commission (FERC) likely stays at the back of midstream investors’ minds, with a notable exception in March 2018. Since then, many investors have taken a more wary view of the Commission. Today’s piece provides an overview of FERC’s oversight of pipelines and LNG export facilities and hopefully helps dissolve any lingering fears.

BPL: What does Buckeye’s Buyout Mean for MLPs and Midstream?

Buckeye Partners (BPL) announced this morning that it has agreed to be acquired by IFM Investors for $41.50 per unit – a 27.5% premium to BPL’s closing price yesterday. In this post, we discuss the...

After Years of Growth, Is Midstream Capex Peaking?

Capital spending has been a hot topic across energy as investors focus on returns and free cash flow generation. The challenge for midstream companies continues to be balancing fiscal discipline with...

Private Equity Continues to Bet Big on Midstream

Private equity involvement in energy infrastructure is nothing new, but private equity funds have shown considerable interest in midstream so far this year. Today, we will examine the positives and...

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...

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...
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