MLPs: Come for the Yield, Stay for the Total Return
For MLPs, the paradigm has shifted from focusing primarily on distribution growth to more of a total-return focus, as financial flexibility, self-funding equity, and capital discipline become greater...
2019 Midstream Mid-Year Update Video
In this mid-year video update, we recap midstream’s strong start to 2019 and discuss what may be in store for this summer. Before you head out for vacation, watch this short video (only 3 minutes!)...
1Q19 MLP Distribution Recap: Outlook Improving in Spite of Cuts
Most AMZ and AMZI constituents grew their 1Q19 distributions sequentially and on a year-over-year basis. The 20% increase from Plains All American (PAA) helps soften the impact of...
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...
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...