Steady Midstream EBITDA Outlooks Contrast with Performance
With 2Q20 midstream earnings season wrapping up last week, the focus has been primarily on the outlooks for MLPs and midstream companies with investors keyed in on the ongoing recovery in energy...
2Q Earnings Review: Politics, (E&P) Religion, and More
Earnings season was particularly eventful this quarter for midstream and broader energy. Operational outlooks were in focus as the macro recovery continues, but renewables and the election were other...
Midstream/MLP 2Q20 Dividends/Distributions Hold Steady
After a slew of cuts with 1Q20 payouts, the stability of midstream dividends and distributions for 2Q20 may have been a pleasant surprise to some, particularly in light of stubbornly high yields in...
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 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...
Midstream at the Midpoint: Where We’ve Been and What’s Next
Despite the downturn in both energy and broader markets in the first quarter, midstream has rallied significantly in the last few months off all-time lows seen in mid-March. Today’s research note...