Digging Deeper into Discounted Valuations for Midstream/MLPs
In a market where valuations for most equities feel stretched, midstream trades at significant discounts to historical averages. The combination of pressured equity performance and resilient EBITDA...
Midstream/MLP Capex and Projects: Where’s the Growth?
A key characteristic of the energy infrastructure space in recent years has been significant capital investment to facilitate increasing US oil and gas production and exports. However, a shift in...
Free Cash Flow: A Tailwind for Midstream/MLPs in 2021?
The midstream space has seen plenty of headwinds in 2020, from the demand impacts of COVID-19 to hurricanes to political risk. Looking to 2021, one important tailwind could be increased free cash flow...
Natural Gas and NGLs: A Bright Spot in Energy
While oil prices and production trends tend to dominate headlines, natural gas and natural gas liquids have seen notable relative strength in the face of macro headwinds. Fundamentals for the two...
US LNG Exports: Outlook Improves as Macro Headwinds Ease
Summary Global LNG prices have been boosted recently by recovering demand with coronavirus lockdowns slowly easing, US LNG cargo cancellations helping to tighten the supply-demand balance, and warm...
High MLP/Midstream Yields But Ample Coverage, Payout Ratios
Despite the lingering uncertainty in energy markets and elevated yields, 2Q20 midstream dividend payouts were stable. Continued execution and steady payouts will be needed to restore confidence in...