Pipelines vs. Power: Comparing Midstream/MLPs to Utilities
With the US 10-year Treasury rate still within striking distance of its all-time low, the search for yield has intensified for income seekers. Investors have historically turned to energy...
Making the Case for Midstream with the AMNA Index
The Alerian Midstream Energy Index (AMNA) was launched in June 2018 to meet the needs of investors and industry stakeholders primarily concerned with sector representation. Today’s piece provides an...
Examining Midstream Contracts Amid Slowing Volumes
Alerian examines midstream contracts and expirations amid declining volumes and macro headwinds for the space.
FERC 2020 Oil Pipeline Index Review: Nonevent or Headache?
While the impact of the Federal Energy Regulatory Commission’s (FERC) notorious policy revision from March 2018 has largely played out, there is one item still outstanding – the impact to the oil...
MLP/Midstream Valuations Part 2: Examining EBITDA Multiples
The second installment of our two-part series on valuations focuses on EV/EBITDA multiples for midstream and MLPs. Current discounts in EBITDA multiples relative to historical averages distinguish...
MLP/Midstream Valuations Part 1: Focusing on Free Cash Flow
MLP and midstream valuations have historically been viewed through the lens of their relatively high dividend yields. However, as the industry has shifted towards stronger balance sheets and free cash...