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..
Why Oil Could Be Higher for Longer
Last week Wood Mackenzie released a report estimating that oil and gas companies will spend $1TN less on finding and developing new reserves through 2020 than was expected to be the case before the 2014-16 oil price collapse. 2016 reductions in capex have been estimated at $300-400BN, but this is the first credible figure we’ve […]
Vote No on the Energy Transfer-Williams Merger
The Energy Transfer-Williams merger continues to be a bizarre spectacle. While the Williams (WMB) Board in an SEC filing noted that a majority was in favor of the merger, their body language says otherwise. They are speaking in code. The filing notes that anticipated synergies from the transaction are virtually zero and that the new […]
MLPA Conference Attendees Cautiously Assess the Future
Last week was the annual Master Limited Partnership Association (MLPA) Conference, held in Orlando, Florida. Conferences held in the Sunshine State in June undoubtedly receive a discounted rate compared with January – perhaps some frugality was appropriate given last year’s sector performance. Many were happy simply to have survived the 2015 Crash with their businesses […]
The Limited Rights of Some MLP Investors
Examining the Risk Factors in a company’s 10-K is not everybody’s idea of light entertainment, but as you’ll see below it can provide useful insight about how management may treat certain of its stakeholders. Many Master Limited Partnerships share a legal structure that is similar to hedge funds and private equity funds, in that the […]
Tallgrass Energy is the Right Kind of MLP
Tallgrass Energy is the Right Kind of MLP If Linn Energy was the wrong kind of MLP (see last week’s blog), Tallgrass Energy is the right kind. They have an MLP, Tallgrass Energy Partners (TEP) and a publicly traded General Partner, Tallgrass Energy, GP (TEGP). It’ll come as little surprise to regular readers that we […]