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.
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 […]
MLPs No Longer Represent Pipelines
As recently as five years ago, the terms “MLPs” and “pipelines” were interchangeable. If you wanted to invest in pipelines for their steady growth and attractive tax-deferred yields, you had little choice but to be a K-1 tolerant, MLP investor. MLP-dedicated funds were developed to provide retail exposure to the sector, but the corporate tax […]
The Complex Politics of Climate Change
Greta Thunberg’s speech at the United Nations may have grabbed the climate change headlines. But for those who find policy prescriptions from someone not yet out of high school a publicity stunt, the Energy Information Administration’s (EIA) 2019 International Energy Outlook was more interesting. The UN’s Intergovernmental Panel on Climate Change (IPCC) wants the world […]