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.
AMLP Has Yet More Tax Problems
Last November SS&C Alps Advisors, the people who manage the Alerian MLP ETF (AMLP), admitted that they’d screwed up calculating the taxes owed by their fund. Mutual funds and ETFs don’t pay taxes as long as they comply with the rules of the 1940 Investment Company Act for an exemption. AMLP does not comply, because […]
A Pipeline Win From The Debt Ceiling
Right up until the last minute, environmental extremists continued to use the court system to stymie completion of the Mountain Valley Pipeline (MVP), which will move natural gas from West Virginia to Virginia. Permits have been issued by too many Federal and state agencies to list here. Extremists led by the Sierra Club with their […]
The 2023 MEIC Conference
Last week the Midstream Energy Infrastructure Conference (MEIC) held its annual event in Palm Beach, FL. SL Advisors partner Henry Hoffman was there and today’s blog post recounts highlights reported by Henry. Oneok’s (OKE) proposed acquisition of Magellan Midstream (MMP) was a common topic, especially the unwelcome recapture of deferred taxes facing MMP. When a […]
Alerian Still Clinging On
An unintended side-effect of Oneok’s (OKE) proposed acquisition of Magellan Midstream (MMP) has been to give a bid to smaller MLPs. This has come about because of the shrinking pool of names available to populate the Alerian MLP Infrastructure Index (AMZIX) and the Alerian MLP ETF (AMLP) which tracks it. AMZIX recently increased its maximum […]
More Thoughts On Oneok and Magellan
Wall Street analysts are predisposed to be supportive of management’s M&A activities. The sycophantic posturing that precedes an earnings call question with, “Nice quarter, guys” lives in the hope of investment banking business. Hence the response of sell-side analysts to Oneok’s (OKE) proposed acquisition of Magellan Midstream (MMP) is one of mild surprise at this […]