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..
There's More to Pipelines Than Oil
If I had $1MM for every time an MLP investor has asked me where crude oil is going, well I could probably buy a good chunk of Plains All American (PAA), the biggest crude oil pipeline operator in the U.S. But PAA aside, MLPs are not as closely aligned with crude oil as popularly believed. […]
Growing Without Paying For It
Investors in Master Limited Partnerships (MLPs) like their distributions to be reliable and, by comparison with other asset classes, generous. Investors in the General Partners (GPs) that control them hold a more discerning view on value creation. Last month we highlighted how Williams Companies (WMB) was giving its MLP investors in Williams Partners (WPZ) what […]
Controlling Assets Without Buying Them
On Tuesday morning, Enbridge (ENB) and Spectra (SE) revealed how they’d spent the Labor Day weekend by announcing their merger. After the highly contentious and ultimately unconsummated Energy Transfer/Williams soap opera, it was a welcome surprise to see two large energy companies join their businesses agreeably, without rancor. Although the financial media excitedly covered the […]
MLPs and Crude Oil, the Improbable Dance Partners
Talk about MLPs nowadays and pretty soon you’ll get to crude oil. Few will quickly forget the collapse in crude from 2014 that led to the collapse in MLPs. To be an MLP investor seemingly requires a view on the price of what moves through their infrastructure (although only 7% of pipelines in the […]
Why Market Timing Can Be Seductive
We generally don’t keep CNBC on at our office. Its relentless focus on the short term, punctuated with incessant commercials, make it a needless distraction. That’s why they hire attractive presenters. However, when passing the office next door I did notice a headline saying we’d gone 33 consecutive days without a 1% move in the […]