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.
Trump Energizes The Pipeline Sector
Donald Trump’s political comeback looks a lot like the recovery in the energy sector. In March 2020 during the pandemic pipeline stocks slumped as crude oil prices briefly turned negative. Within a year Trump was out of office, faced numerous civil and criminal charges and was widely believed to be a one-term president. By then […]
There’s No AI in AMLP
Performance in the pipeline sector remains strong – closing in on its fourth straight year beating the S&P500 and ahead overall for the past five. But for the past six months the Alerian MLP Infrastructure ETF (AMLP) has increasingly lagged the sector, as defined by the American Energy Independence Index. AMLP is more or less […]
Which Pipeline Companies Are Best At Capital Allocation?
An axiom of capitalism is that a business must earn a Return On Invested Capital (ROIC) in excess of its Weighted Average Cost of Capital (WACC). It’s just as true for a lemonade stand as for a conglomerate. I should note here that fifteen years ago our younger daughter (then about nine years old) set […]
The Climate Benefits Of LNG
The pause in issuing new Liquefied Natural Gas (LNG) permits is among the least defensible energy policies of this Administration. It has been widely criticized. Jamie Dimon called it naive, and the International Energy Agency worries that it will impede the supply of natural gas on global markets. The US Department of Energy (DOE), which […]
The Natural Gas Energy Transition
The long term demand outlook for natural gas continues to improve. India is likely to double its consumption by 2040, and much of that will rely on imports of Liquefied Natural Gas (LNG). This will offset coal consumption, lowering local pollution as well as CO2 emissions. The International Energy Agency (IEA), normally a tireless promoter […]