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.
MLPs Start Reporting 1Q Earnings
Several Master Limited Partnerships (MLPs) announced their quarterly earnings last week. The overall picture continues to be one of businesses performing well with good distribution coverage and continued plans to grow their infrastructure networks while responding appropriately to shifts in the domestic production landscape. So Enterprise Products Partners (EPD), an MLP with no Incentive Distribution […]
Energy Insights from Enterprise Products Partners
We noticed several interesting slides from an investor presentation by Enterprise Products Partners (EPD) recently. The first concerns future capital investment plans of Master Limited Partnerships (MLPs). As you can see on the first chart, lower oil prices have caused some moderation in forecast capital expenditures (“capex”) and a drop in 2016 versus 2015. However, the […]
The U.S.'s Self-Imposed Oil Embargo
In an interview on CNBC last week, Continental Resources CEO Harold Hamm elegantly exposed the increasingly anachronistic ban on crude oil exports from the U.S. By noting that sanctions on Iran would soon be lifted, allowing that country to once again export oil, he characterized the U.S. export ban as a self-imposed sanction, benefiting other […]
Sclumberger's Perspective
Schlumberger (SLB) provides services worldwide in support of gas and oil exploration and production companies. They are at the sharp end of shifts in production, and as such have an interesting perspective on the upheaval in the crude oil market. A recent investor presentation highlighted that increased global demand of around 1 MMBD (million barrels […]
The Voting Control of an MLP GP
The other day someone was asking me for a simple explanation of how MLP General Partners (GPs) enjoy a superior position to those of the LP unitholders in the MLPs they operate. There are many ways to show that, but I thought I’d pull some information from the recent 10K filed by Plains All America […]