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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.
A Reactive Federal Reserve
The other morning a CNBC guest was able to share an insight not normally found on TV. The need for ten-second ideas greatly limits the ability of otherwise intelligent people to share much wisdom. R.J. Gallo, whose Christian names are apparently only initials, trades municipal bonds for Federated Investors. He suggested that rates can rise […]
The Coming Pipeline Cash Gusher
Pipeline company earnings are being scrutinized for capital investment plans. The energy sector’s pursuit of growth has been well covered. Investors would prefer less excitement and more return on capital through dividends and buybacks. Company management teams are for the most part grudgingly co-operating. Targa (TRGP) CEO Joe Bob Perkins defiantly described growth projects as […]
Investors Look Warily at the Persian Gulf
The Shale Revolution has certainly provided America with more geopolitical freedom. The 1973 Arab oil embargo punished the U.S. for supporting Israel, as it fought Egypt and Syria. Shortages of gasoline visibly demonstrated the limits to U.S. actions. As a result, every president since Nixon has called for energy independence. Swaggering energy dominance is the […]
AMLP’s Shrinking Investor Base
The Alerian MLP ETF (AMLP) remains the largest ETF in the sector, in spite of its ruinous tax drag (see MLP Funds Made for Uncle Sam) and long term returns that are less than half of its index. It’s been a commercial success for its promoters but unfortunately, a disastrous investment for many holders. However, […]
Chevron Writes Shale’s Next Chapter
In the 1990s U.S. bankers were consolidating. My own career spans several bank mergers. Manufacturers Hanover merged with Chemical Bank in 1992, followed by Chase Manhattan in 1996 and JPMorgan in 2000. Other smaller deals occurred along the way, such as Hambrecht & Quist in 1999, and Robert Fleming in 2000. I remember then-CEO of […]