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.
Governments And Their Energy Policies
Government regulations play a big role in energy markets. Although concern about climate change is part of the political discourse in every democracy, consumers and businesses aren’t going to reduce their emissions without tax credits, incentives and rules to modify behavior. Sometimes policies can have unintended consequences. Take ships, which mostly use heavy, bunker fuel […]
AMLP Fails Its Investors Again
Last week the Alerian MLP ETF (AMLP) announced a reduced quarterly distribution. Regular readers know that AMLP has been a rich source of material for this blog. Launched in 2010 when MLPs were synonymous with pipelines, it was designed to offer exposure to midstream energy infrastructure without the K1s that so many investors and their […]
Midstream Earnings Wrap
Midstream earnings are in, and generally met expectations as has been the case for the past several quarters. Williams Companies (WMB) enjoyed record natural gas gathering volumes of 18 Billion Cubic Feet per Day (BCF/D). This drove 2Q23 adjusted EBITDA of $1,611MM, versus analyst expectations of $1,568MM. Liquefied Natural Gas (LNG) exporter Cheniere continued a […]
Management Stumbles; Getting Less From Our Power Sources
Midstream earnings have been reported for the most part and generally came in at or close to expectations. Cheniere once again surprised to the upside, with 2Q EBITDA of $1.86BN versus market expectations of $1.62BN. They modestly increased full year guidance, carried out planned maintenance on their Sabine Pass facility on schedule and for the […]
Rallying Crude
It doesn’t look like a bull market, but July was crude’s best month in more than a year with the Brent benchmark closing up almost $11 per barrel at over $84. After peaking in spring of last year following Russia’s invasion of Ukraine, crude oil has been sliding irregularly lower. Russia has found ways to […]