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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.
Putting Carbon Back In The Ground
Dinner in late 2017 with Enlink’s soon to be CEO Mike Garberding and his management team was the most expensive I’ve ever had. Not because I had to pick up the check – they were gracious hosts. But because I left the restaurant impressed with Garberding’s grasp of the company’s opportunities and knowledge of the […]
AMLP Trips Up On Tax Complexity
We all know the US tax code is complicated. ALPS Advisors, manager of the Alerian MLP ETF (AMLP), has been tripped up by the tax complexities inherent in their fund structure. As a result they’ve been forced to make an embarrassing NAV adjustment to AMLP for taxes, depressing the fund’s NAV by almost 4%. It […]
Pipeline Stocks Defy Retail Fund Selling
Midstream is up 27% for the year as of Tuesday, but investors are showing no irrational exuberance. The North American pipeline sector retains its MLP moniker because MLPs used to be the dominant business structure. Even though it’s now two thirds corporations, the ‘40 Act funds who specialize in the sector are still called MLP […]
Some Energy Forecasts Are Aspirational
Long term energy forecasts are nowadays subject to a partisan test by many readers based on whether or not they project a rapid energy transition. The biggest oil and gas producers such as Exxon Mobil and Shell understand that the media interprets their published long run energy forecasts as reflecting their capex criteria. The result […]
COP27 Realism Is Good For Gas
The COP27 ended with an agreement by rich countries to make increased payments to poor ones, but a commitment to phase out all fossil fuels failed to gather unanimous support. The holdouts included Saudi Arabia and Russia, who supply substantial volumes of oil and gas to willing buyers but don’t rank highly on the list […]