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EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors.
Pipeline Stocks Are Quietly Recovering
“Horrific. Terrible. Abysmal. The worst. Those are terms equity analysts are using to describe investors’ attitude toward energy stocks.” This is from a recent Wall Street Journal article (see Energy Stocks Fall Faster Than Oil Prices). Sentiment in the energy patch is poor. Too much spending with too little returned to shareholders is the main […]
Pipeline Earnings in a Market Focused Elsewhere
Earnings season for midstream energy infrastructure kicks off with Kinder Morgan (KMI) on Wednesday. In April we identified growing free cash flow (see The Coming Pipeline Cash Gusher) as the most important catalyst for higher security prices. We’ll be reviewing quarterly earnings for evidence that the sector remains on track to generate increasing amounts of […]
Criticizing MLPs Helps Them
Wednesday’s blog, Energy Transfer’s Weak Governance Costs Them drew a record number of pageviews within a few hours of being posted. It’s not just because Energy Transfer (ET) is a large, widely held MLP. Much of the writing in the sector is from cheerleaders who don’t criticize the companies they follow, because it’ll hurt their […]
Energy Transfer’s Weak Governance Costs Them
Three years ago, Energy Transfer Equity (then ETE, now ET following its 2018 simplification) cleverly extricated itself from a ruinous attempted acquisition of Williams Companies (WMB). Having relentlessly pursued his target, ETE CEO Kelcy Warren came to regret the terms he’d offered as rating agencies criticized the overly leveraged contemplated combined entity. Having failed to […]
Review Of Russell Gold’s Superpower
Five years ago Russell Gold published The Boom: How Fracking Ignited the American Energy Revolution and Changed the World, one of several books that chronicled the Shale Revolution. Gold provided first-hand descriptions of fracking after persuading Marathon Oil to let him visit a site in North Dakota. He offers a fascinating description of the process […]