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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..


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MLP Managements Talk Business

MLP managements have been verbose in the last couple of weeks. This is mostly due to the fact that it’s earnings season and conference calls provide an opportunity for investors to obtain additional color from senior executives. It’s the topic of our March newsletter which will be published on Tuesday, but there are many more […]

Real Money Moves Into Real Assets

It was a busy week of news in Master Limited Partnerships (MLPs). Although there were several earnings announcements, perhaps most notable was the disclosure of new investments by Berkshire Hathaway (BRK), David Tepper’s hedge fund Appaloosa and George Soros in much maligned Kinder Morgan (KMI). Appaloosa also disclosed holdings in KMI warrants, which expire at […]

Comparing Conoco Phillips with MLPs

Around ten days ago Conoco Phillips (COP) and Magellan Midstream (MMP) both released their 4Q15 earnings, and held conference calls on February 4th to discuss them. This coincidence of reporting is about all they have in common, but it caused us to look a bit more closely at an energy company (COP) that truly has […]

The Math of a Distribution-Financed Buyback

We’ve been looking for examples of what happens to a pipeline contract when the Exploration & Production (E&P) company is under financial stress or files for bankruptcy. The question of what happens to long term contracts with Master Limited Partnerships (MLPs) in such cases is becoming one of the more notable concerns, both for MLP […]

Why the Tortoise Beats the Hare

There may have been a time when the long view predominated among investors, but if it did it’s more likely to be a fable than an historical fact. We live in an age when far too many investors are necessarily familiar with the Vix index (an index of equity market volatility), and this makes the […]