Insights at a Glance: Midstream Updates Point to More Stability Than Price Action Implies
With the oil price landscape having changed dramatically, midstream investors are anxiously awaiting updated company outlooks, even if it is reaffirming past guidance. Several companies across...
4Q19 Midstream Distribution Coverage and Payout Ratios: Comfort Amid Macro Headwinds
Today’s piece focuses on distribution coverage for the MLPs of the Alerian MLP Infrastructure Index (AMZI) and payout ratios for both the AMZI and Alerian Midstream Energy Select Index (AMEI). The...
4Q19 MLP Distribution Recap: Positive Outlook Outweighs Cuts
Summary // After a cut-free 3Q19, four AMZ constituents cut their distributions sequentially for 4Q19. The majority of AMZ and AMZI constituents have increased their distributions on a year-over-year...
Permian Update: New Pipelines Loosen Constraints and Tighten Differentials
Wide Permian crude price differentials provided a boost to midstream cash flows in 2019 as companies exploited arbitrage opportunities. However, as new pipeline capacity has come online, the...
Midstream Energy Battle: What Subgroup Has Performed Best in 2019?
In a challenging macro environment for the energy space, the broad midstream universe has performed defensively this year. Today, we review midstream’s performance to date and analyze some of the...
Keeping It Simple: MLPs Continue to Eliminate IDRs
Although IDRs were once a staple of the MLP space, the majority of AMZ constituents have eliminated their IDRs in recent years. Today’s piece discusses recent developments in the trend of IDR buyouts...