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..
Natural Gas Liquids — the Lesser Known Side of the Shale Revolution
Many people think of fossil fuels as coal, crude oil and natural gas, with the nastiness of their toxic emissions lying in that order. Among the less colorful comments during the second Presidential debate was Hillary Clinton’s reference to natural gas as a “bridge” fuel, sitting between today’s reliance on hydrocarbons and a future of renewables (solar, wind […]
U.S. Natural Gas Exports Taking Off
A couple of months ago we wrote about how the U.S. had sent a shipment of Liquid Natural Gas (LNG) to the United Arab Emirates (see Coals to Newcastle). The notion of natural gas being extracted under a field in Pennsylvania, processed and then transported by pipeline to Louisiana, chilled and condensed to liquid form, […]
OPEC Blinks
OPEC Blinks Last week OPEC announced a plan to reduce their crude oil production, from August’s level of 33.23 MMB/D (Million Barrels a Day) to somewhere between 32.5 and 33 MMB/D. The last time OPEC agreed to curb output was in 2008. Healthy skepticism correctly greets OPEC’s pronouncements on production curbs. Saudi Arabia is the […]
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 […]