Blog
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.
What’s Next For NextDecade?
NextDecade (NEXT) has drawn plenty of investor questions over the past ten days. It began with their most recent 10Q, filed with the SEC on May 13th. The phrase, “… there is substantial doubt about the Company’s ability to continue as a going concern.” wasn’t pleasant reading for many. How can a company that reached […]
The Inflationary Energy Transition
Ominously for President Biden, opinion polls consistently show voters are unhappy with his economic stewardship. The surge in inflation in 2022 didn’t help, but after believing it to be transitory the Fed responded and it’s now back down. Wednesday’s 3.4% CPI figure isn’t yet at the Fed’s 2% target but is close enough that the […]
A Concentrated Bet On Renewables Stumbles
Costa Rica, a central American country of five million, has a proud history of strong environmental policies. Their electricity comes almost entirely from renewable sources. Hydro is 73%, with geothermal providing most of the rest. Solar and wind are minor. Over the past decade they have reduced oil from 12% to virtually zero. Costa Rica’s […]
A Look Back At Energy Transfer
Energy Transfer (ET) is the pipeline company most often directly owned by the financial advisors we talk to. It seems perennially cheap, and that’s in part due to their controversial history of at times treating themselves better than their other unitholders. They’ve provided plenty of material for this blogger to note how management always seems […]
Pipeline Earnings Keep Climbing
Earnings season for midstream energy infrastructure has been wonderfully devoid of excitement for many quarters. These companies just keep churning out more cash, typically within a few percent of expectations. The exception is Cheniere (CEI), where earnings often come in substantially ahead of sell-side estimates. 1Q reported EBITDA beat by 12.5%. The company spent $1.2BN […]