EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES AND INFLATION HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors..
MLPs Glimpse Daylight
Tromso, Norway, sits 215 miles inside the Arctic Circle. It is one of the planet’s most northerly human settlements. Around January 25th at lunchtime, its inhabitants drop what they’re doing and gather outside for their first glimpse of the sun in two months. It’s only visible for four minutes, but the first natural shadows after […]
American Energy Security
This morning CNBC had ClipperData’s Matt Smith as a guest. He noted that U.S. net imports of crude oil and petroleum products are below 3.44 Million Barrels a Day (MMB/D), a level last seen in February 1985. OPEC, the International Energy Agency (IEA), and the U.S. Energy Information Administration are all forecasting U.S. crude oil […]
Falling Taxes and Valuations Boost Energy Infrastructure Outlook
Tax reform removed the uncertainty surrounding treatment of MLPs, in that both House and Senate plans provide some additional benefit. Although the final bill will require negotiations to reconcile the different Senate and House versions, we’ve updated the table below to reflect a 22% corporate tax rate and the Senate treatment of pass-through income for […]
November MLP Fund Flows Overwhelm Fundamentals
In a single week in mid-November, from 15th to 22nd, $317MM flowed out of MLP mutual funds. It was an extraordinary exit over such a short period, second only in recent history to the first week of December 2015, when $340MM bolted. That was a time when every seller was motivated while buyers were scarce. […]