The Knock-On Effects of Low Natural Gas Prices for MLPs and Midstream
With natural gas at multi-year lows and producers focused on capital discipline, slowing upstream activity can have implications for midstream growth, particularly for names involved in gas gathering...
Have MLPs and Midstream Actually Reduced Leverage?
Reducing leverage has been a theme across midstream for some time, but have midstream MLPs and C-Corporations actually delevered? Today, we examine leverage metrics from 2016 to 2018 for the current...
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...
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...
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...