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

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...
Private Equity Continues to Bet Big on Midstream

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 ne...
Back to Basics: The MLP and Midstream Investment Thesis

Back to Basics: The MLP and Midstream Investment Thesis

With no shortage of volatility in oil and the broader market recently, today we get back to the basics by revisiting the broad investment thesis for MLPs and midstream. We set aside yields and the tax...
BPL: What does Buckeye’s Buyout Mean for MLPs and Midstream?

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 im...
Storage, Oil Backwardation, and Implications for MLPs

Storage, Oil Backwardation, and Implications for MLPs

With the shift in the oil curve from contango to backwardation, storage has been more in focus lately. Today we’re discussing oil storage, oil curve backwardation, and the implications for MLPs with o...
Why Yesteryear’s Valuation Metrics Aren’t Sufficient for Today’s MLP

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 m...
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