Stacey

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Recent Content By Stacey Morris, CFA
Midstream/MLP Dividends Remain Steady as Markets Swing
Energy Infrastructure Channel

Midstream/MLP Dividends Steady as Markets Swing

Amid tariff headlines and extreme market volatility, midstream MLPs and corporations have been...

Tariff Tantrum: Addressing Questions on Oil & Midstream
Energy Infrastructure Channel

Tariff Tantrum: Addressing Questions on Oil & Midstream

  • Oil prices have been plagued by demand concerns related to tariffs and recession risk, while...
Why Most 'MLP ETFs' Own Less Than 25% MLPs
Energy Infrastructure Channel

Why Most 'MLP ETFs' Own Less Than 25% MLPs

Summary
- There are two types of funds that own Master Limited Partnerships (MLPs). Funds are...

Delving Into Total Shareholder Yield From Midstream/MLP
Energy Infrastructure Channel

Delving Into MLP/Midstream Total Shareholder Yield

  • By combining buyback and dividend yields, investors can get a better sense of total shareholder...
Charting Annual MLP Distribution Performance & Changes
Energy Infrastructure Channel

Charting Annual MLP Distribution Changes & Performance

  • Distribution growth is a key tailwind for MLPs today and is expected to continue as companies...
MLP ETNs 101: What Advisors Should Know
Energy Infrastructure Channel

MLP ETNs 101: What Advisors Should Know

Investors seeking to access the energy infrastructure space through passively managed vehicles...

Midstream Benefit From Canadian Production Growth
Energy Infrastructure Channel

Canadian Production Growth to Benefit Midstream

  • New outlets for Canadian energy are supporting increased producer activity, which is set to...
Looking at Midstream EBITDA Guidance: 2025 and Beyond
Energy Infrastructure Channel

Examining Midstream EBITDA Guidance for 2025 and Beyond

  • Midstream companies are largely expected to see moderate year-over-year growth in adjusted...
More Growth to Come in Midstream/MLPs
Energy Infrastructure Channel

Midstream/MLP Dividend Outlook: More Growth to Come

  • Midstream MLPs and C-Corps have been growing their payouts in recent years, supported by free...
Midstream/MLP 2025 Outlook: Tailwinds Intact
Energy Infrastructure Channel

Midstream/MLP 2025 Outlook: Tailwinds Intact

  • Midstream companies are expected to continue generating free cash flow and prioritizing returns...
An Almost-Free Lunch? Capital-Efficient Midstream Growth
Energy Infrastructure Channel

An Almost-Free Lunch? Capital-Efficient Midstream Growth

There may be no such thing as a free lunch, but for midstream, there can be instances where...

MLPs are a Better Investment Today
Energy Infrastructure Channel

Now vs. Then: Why MLPs are a Better Investment Today

  • MLPs have made significant changes for the better over the last decade, including reducing...
Who Will Need the Next Wave of LNG Export Capacity?
Energy Infrastructure Channel

Who Will Need the Next Wave of LNG Export Capacity?

Summary
- North America and Qatar are set to drive the next wave of LNG additions to 2030, with...

Midstream’s Natural Gas Outlook Strengthens Further
Energy Infrastructure Channel

Midstream’s Natural Gas Outlook Continues to Strengthen

  • The multi-year outlook for US (and North American) natural gas demand remains very strong,...
Don't Let Midstream Capex Creep Spook You
Energy Infrastructure Channel

Don’t Be Spooked by Midstream Capex Creep

  • Some midstream companies have increased their projections for growth capital spending, including...
Energy, the Election, Permitting Reform, and Taxes
Energy Infrastructure Channel

Energy, the Election, and Permitting Reform

  • The outcome of the election is not expected to have a material impact on midstream or the...
Oil, Geopolitics, and Energy Allocation
Energy Infrastructure Channel

Oil, Geopolitics, and Your Energy Allocation

  • Energy was the second-best-performing sector in 1Q24 but had fallen to the worst-performing...
Making the Case for MLPs
Energy Infrastructure Channel

Making the Case for MLPs With AMZ

- MLP yields of ~7% are backed by positive dividend trends and fee-based businesses that generate...

Appalachia Offers More Than Gas
ETF Investing Channel

Basin Basics: Appalachia Offers More Than Gas

  • The Marcellus is the largest natural gas basin in the U.S. with competitive economics, while the...
ONEOK Consolidating Again
Energy Infrastructure Channel

ONEOK Consolidating Again: Buying GIP’s Stakes in EnLink, Medallion

ONEOK (OKE) is acquiring Global Infrastructure Partners’ interest in EnLink Midstream (ENLC), as...

Emerging Opportunities for AI, Natural Gas & Midstream
Energy Infrastructure Channel

AI, Natural Gas & Midstream’s Emerging Opportunities

  • Natural gas offers unique advantages to data centers, including superior reliability and speed...
Refine Your Exposure to Oil & Gas Producer ETFs
News

Oil & Gas Producer ETFs: Refine Your Exposure

Energy investors have a wide range of ETFs at their disposal, whether looking for broad energy...

Will MLPs/Midstream Benefit From Lower Interest Rates?
Energy Infrastructure Channel

Can MLPs/Midstream Benefit From Lower Interest Rates?

  • MLPs/midstream are not particularly rate sensitive but could see some benefits as interest rates...
The Impact of Hurricanes on the Energy Sector  
Energy Infrastructure Channel

How Hurricanes Can Impact the Energy Sector

  • Hurricanes in the Gulf of Mexico can interrupt offshore energy production, which can be...
Rising Pipeline Rates and FERC’s Oil Pipeline Index
Energy Infrastructure Channel

FERC’s Oil Pipeline Index and Rising Pipeline Rates

  • Many interstate liquids pipelines follow the FERC’s Oil Pipeline Index, which sets the ceiling...
Does the Election Have Implications for Energy?
Energy Infrastructure Channel

Does the Election Have Potential Energy Implications?

  • Within energy, election-year politics tend to focus on gasoline prices, but the LNG export...
Consolidation Has Changed the Midstream Landscape
Energy Infrastructure Channel

How Consolidation Has Changed the Midstream Landscape

  • Consolidation has been a multiyear trend in energy infrastructure. U.S. C-Corps accounted for...
Playing the Long Game: Offshore Crude Export Terminals
News

Playing the Long Game: Offshore Crude Export Terminals

  • Continued growth in US oil production will necessitate more crude exports.
  • Offshore crude export...
ETFs, CEFs & More: MLP Investment Products Evolve
Energy Infrastructure Channel

ETFs, CEFs & More: MLP Investment Products Evolve

  • MLP/midstream investment options have evolved as the midstream space has shifted more toward...
For Midstream, It Pays to Have Natural Gas Storage
Energy Infrastructure Channel

For Midstream, It Pays to Have Natural Gas Storage

Storage tends to be a less exciting business line for energy infrastructure. Companies simply...

Examining MLP/Midstream Dividend and Buyback Yields
Energy Infrastructure Channel

Examining MLP/Midstream Dividend and Buyback Yields

  • Buybacks have become common among energy infrastructure companies given significant free cash...
What Advisors Should Know About MLPs and UBTI
Energy Infrastructure Channel

MLPs and UBTI: What Advisors Should Know

  • Directly owning MLPs can generate Unrelated Business Taxable Income (UBTI) for tax-exempt...
The Staying Power of Oil and Gas Pipelines
Energy Infrastructure Channel

The Staying Power of Oil and Gas Pipelines

  • Demand for fossil fuels will not grow indefinitely, but it will probably be more resilient than...
Examining Multi-Year Guidance for Midstream
Energy Infrastructure Channel

Beyond 2024: Examining Multi-Year Guidance for Midstream

  • Many midstream companies provide guidance for the year ahead, but a select group also offer...
Accessing MLPs/Midstream Through ETNs
Energy Infrastructure Channel

Accessing MLPs/Midstream Through ETNs

  • ETNs and ETFs can provide exposure to the midstream/MLP space without the headache of a Schedule...
Consider MLPs for Your Income Portfolio
Energy Infrastructure Channel

Why You Should Consider MLPs for Your Income Portfolio

  • In a sea of income investment options, MLPs could be easily overlooked despite generous yields...
MLP M&A Monday: SUN Adding NuStar to Its Galaxy
Energy Infrastructure Channel

MLP M&A Monday: SUN Adding NuStar to Its Galaxy

Sunoco (SUN) plans to acquire fellow MLP NuStar Energy (NS) in an all-stock deal valued at $7.3...

Try Texas for Exposure to Oil & Gas Producers
News

Looking for Exposure to Oil & Gas Producers? Try Texas

  • Texas oil and gas producers enjoy unique advantages, including great geology, significant...
In 2024, Macro Uncertainty Favors Midstream/MLPs
Energy Infrastructure Channel

2024 Outlook: Macro Uncertainty Favors Midstream/MLPs

  • Most midstream companies remain focused on generating free cash flow and returning cash to...
Winter Weather, Prices, and Production in Natural Gas
Energy Infrastructure Channel

US Natural Gas: Winter Weather, Prices, and Production

  • Winter weather can be a significant wildcard for natural gas prices, with last year’s warm...
MLPs Stand Out; Rising Rates Challenge Income Plays
Energy Infrastructure Channel

MLPs Stand Out as Rising Rates Challenge Income Plays

  • Higher interest rates have challenged many income investment categories this year, but yield...
Global LNG Market Is Poised for Long-Term Growth
Energy Infrastructure Channel

Global LNG Market Poised for Long-Term Growth

  • Liquefied natural gas (LNG) has an important and growing role to play in the global energy mix,...
Energy Rallies With Oil – Is More in the Tank?
Energy Infrastructure Channel

Energy Rallies With Oil – Is More in the Tank?

  • Since late June, U.S. benchmark oil prices have increased by roughly $20 per barrel thanks to...
Williams (WMB) and the Golden Age for Natural Gas
Energy Infrastructure Channel

Williams (WMB) and the Golden Age for Natural Gas

  • Several structural factors support growing natural gas demand, including its affordability,...
As Carbon Capture Advances in US, Midstream Can Help
Energy Infrastructure Channel

As Carbon Capture Advances in US, Midstream Can Help

  • Enhanced incentives in the Inflation Reduction Act are making more carbon capture projects a...
Midstream/MLPs vs. Utilities: Key Differences
Energy Infrastructure Channel

Midstream/MLPs vs. Utilities: Key Investment Differences

  • Utilities and midstream can provide similar portfolio benefits and may be found together in the...
MLP M&A Continues: ET Acquiring CEQP
Energy Infrastructure Channel

MLP M&A Continues: ET Acquiring CEQP

Energy Transfer ET plans to acquire Crestwood Equity Partners CEQP in all-equity deal valued at...

MLPs Drive Growth in Midstream 2Q23 Dividend Recap
Energy Infrastructure Channel

Midstream 2Q23 Dividend Recap: MLPs Drive Growth

  • Dividend trends for energy infrastructure corporations and MLPs remain strong, adding important...
Better Together: Energy Consolidation Continues
Energy Infrastructure Channel

Better Together: Energy Consolidation Continues

  • Consolidation continues to be a theme across energy subsectors as companies seek scale,...
Is Your Income Dependent on the Fed?
Energy Infrastructure Channel

Is Your Income Stream Too Dependent on the Fed?

  • Higher interest rates have changed the playing field for income investors after more than a...
Energy Half-Time Report: MLPs' Defense Winning
Energy Infrastructure Channel

Energy Half-Time 2023 Report: MLPs’ Defense Is Winning

Summary

  • Several factors have weighed on energy sector performance in 2023, but energy...
Even as Global Prices Slump, U.S. LNG Projects Advance
Energy Infrastructure Channel

U.S. LNG Projects Advance Even as Global Prices Slump

VettaFi discusses LNG market weakness in 2023 and the positive takeaways from US LNG projects...

The Common Sense Approach to the Energy Transition
Energy Infrastructure Channel

A Common Sense Approach to the Energy Transition

  • Solving the global energy trilemma – the need for secure, affordable, and low-carbon energy –...
PAA/PAGP: Free Cash Flow Fuels Distribution Growth
Energy Infrastructure Channel

PAA/PAGP: Free Cash Flow Adds Fuel to Distribution Growth

Summary:

  • Plains All American (PAA/PAGP) is well-positioned to generate meaningful free cash...
MLP/Midstream Buybacks Are Slow but Steady in 1Q23
Energy Infrastructure Channel

MLP/Midstream Buybacks Are Slow but Steady in 1Q23

  • Eight constituents in the broad Alerian Midstream Energy Index (AMNA) spent a combined $780...
OKE Acquiring MMP: Taxes Add Wrinkle, Valuation Nice
Energy Infrastructure Channel

OKE Acquiring MMP: Taxes Add Wrinkle, Valuation Nice

On Sunday, midstream corporation ONEOK (OKE) announced that it will acquire MLP Magellan...

MLPs/Midstream: Solid 1Q23 Updates Lost in Macro Void
Energy Infrastructure Channel

MLPs/Midstream: Solid 1Q23 Updates Lost in Macro Void

  • A constructive midstream earnings season was unfortunately easily lost amid last week’s macro...
Trash to Treasure: Midstream and Renewable Natural Gas
Energy Infrastructure Channel

Trash to Treasure: Midstream and Renewable Natural Gas

  • Renewable natural gas (RNG) is biogas produced from the decomposition of organic materials that...
Bigger in Texas: Energy Reserves, Production & Exports
Energy Infrastructure Channel

Bigger in Texas: Energy Reserves, Production & Exports

  • Texas leads the U.S. in oil and natural gas production and has the greatest oil and natural gas...
An Examination of Improved MLP Distribution Coverage
Energy Infrastructure Channel

An Examination of Improved MLP Distribution Coverage

Summary:

  • Distribution coverage measures the affordability of an MLP’s distribution by comparing...
MLPs, MLP ETFs: Income and Tax-Deferred Income
Energy Infrastructure Channel

MLPs, MLP ETFs: Benefits of Tax-Deferred Income

Summary

  • One of the primary attractions of MLP investments is the potential for tax-deferred...
As Banks Sneeze, Oil and Energy Stocks Choked. What Now?
Energy Infrastructure Channel

As Banks Sneeze, Oil and Energy Stocks Choked. What Now?

Summary:

  • Concerns for the global economy and risk-off sentiment related to bank troubles sent...
2023 EBITDA Guidance Sets Midstream/MLPs Apart
Energy Infrastructure Channel

2023 EBITDA Guidance Sets Midstream/MLPs Apart

Summary:

  • Generally, midstream companies are forecasting modest EBITDA growth in 2023 consistent...
Understanding the Inflation Tailwind for Midstream/MLPs
Energy Infrastructure Channel

Understanding the Inflation Tailwind for Midstream/MLPs

  • Midstream/MLPs tend to outperform the broader market in years of high inflation, and though it...
Energy Earnings May Fall in 2023. Does It Matter?
Energy Infrastructure Channel

Energy Earnings May Fall in 2023. Does It Matter?

Summary

  • After a record-setting 2022, energy sector earnings are likely to generally decline in...
Unhappy Holidays for Natural Gas Prices May Not Last
Energy Infrastructure Channel

Unhappy Holidays for Natural Gas Prices May Not Last

Summary

  • Several factors had a hand in the -49.9% decline in natural gas prices from the end of...
MLPs Shine, REITs Lag in 2022 Performance for Income Investments
Energy Infrastructure Channel

MLPs Shine, REITs Lag in 2022 Performance for Income Investments

Summary:

  • Looking at total returns for 2022 compared to the -18.1% loss for the S&P 500,...
Still Plenty to Like About Midstream/MLPs in 2023
Energy Infrastructure Channel

Still Plenty to Like About Midstream/MLPs in 2023

Summary

  • Energy infrastructure companies are largely expected to continue generating free cash...
Wrapping up 2022 with Midstream/MLP FAQ’s
Energy Infrastructure Channel

Wrapping up 2022 with Midstream/MLP FAQ’s

Summary

  • Given strong performance this year and attractive yields, many investors may be...
Examining Midstream/MLP Yields and Credit Ratings
Energy Infrastructure Channel

Examining Midstream/MLP Yields and Credit Ratings

By Stacey Morris, CFA, and Philip Segal

Summary

Even though midstream capital spending has...

Income Opportunities: Midstream/MLPs Offer Dividend Growth
Energy Infrastructure Channel

Income Opportunities: Midstream/MLPs Offer Dividend Growth

Even with the nice rebound in equities in November, it has largely been a frustrating year for...

LNG Has Haynesville Humming – Benefits Midstream/MLPs
Energy Infrastructure Channel

LNG Has Haynesville Humming – Benefits Midstream/MLPs

Summary

  • The Haynesville Shale is the third-largest natural gas play in the US by production,...
US LNG Expects a Mixed Bag Despite Strong Backdrop
Energy Infrastructure Channel

US LNG Expects a Mixed Bag Despite Strong Backdrop

Summary

  • The US became the world’s largest LNG exporter this year and will have an...
Midstream Investors Can Give Thanks for 3Q22 Buybacks
Energy Infrastructure Channel

Midstream Investors Can Give Thanks for 3Q22 Buybacks

Summary

  • Eleven energy infrastructure companies spent ~$1.4 billion on buybacks in total in 3Q22,...
The Benefits of Capital Allocation Frameworks
Energy Infrastructure Channel

The Benefits of Capital Allocation Frameworks

Summary

  • Many midstream companies have a hierarchy for how they prioritize different uses of...
3Q22 Midstream Dividends: Positive Momentum Continues
Energy Infrastructure Channel

3Q22 Midstream Dividends: Positive Momentum Continues

Summary

  • Midstream dividend trends remained positive for 3Q22, with multiple examples of growth...
The Performance of Income Investments as Rates Rise
Energy Infrastructure Channel

The Performance of Income Investments as Rates Rise

Sensitivity to rising interest rates can vary by income investments, with some vehicles more...

Why Isn’t U.S. Oil Production Growing?
Energy Infrastructure Channel

Why Isn’t U.S. Oil Production Growing?

Summary

  • US producers have demonstrated that they are capable of significant growth at a lower...
Midstream/MLPs Advance Clean Energy Initiatives
Energy Infrastructure Channel

Midstream/MLPs Advance Clean Energy Initiatives

Summary

  • Energy infrastructure companies continue to make strides with clean energy initiatives –...
OPEC+ Subtracts – Things Investors Need to Know
Energy Infrastructure Channel

OPEC+ Subtracts – Things Investors Need to Know

Summary

  • For energy investors, the key takeaway from the OPEC+ meeting is that the group is...
Income Opportunities: Fixed Income Yields Rise
Portfolio Strategies Channel

Income Opportunities: Fixed Income Yields Rise

Interest rate hikes to tame inflation may be roiling global markets as investors grapple with...

RICs, ETNs, and Picking the Right MLP Investment
Energy Infrastructure Channel

RICs, ETNs, and Picking the Right MLP Investment

Summary

  • RICs cannot own more than 25% MLPs, and as a result, these funds tend to have lower...
Beyond the K-1: Tax Treatment for an MLP Fund
Energy Infrastructure Channel

Beyond the K-1: Tax Treatment for an MLP Fund

Summary

  • There are two types of MLP funds – those structured as RICs, which own up to 25% MLPs,...
Understand the Tax Benefits of MLPs
Energy Infrastructure Channel

Understand the Tax Benefits of MLPs

Summary

  • MLPs are pass-through entities that enjoy special tax treatment. As pass-through...
Energy Stocks & Oil Gladly Decouple, MLPs Stand Out
Energy Infrastructure Channel

Energy Stocks & Oil Gladly Decouple, MLPs Stand Out

  • Oil prices have seen three straight months of price declines and are down more than 30% from...
Income Opportunities: Reliable Midstream/MLP Dividends
Energy Infrastructure Channel

Income Opportunities: Reliable Midstream/MLP Dividends

Following the hawkish comments from Jackson Hole, it seems like the dynamic seen for much of 2022...

Midstream and MLPs: Leveled Up With Leverage Down
Energy Infrastructure Channel

Midstream and MLPs: Leveled Up With Leverage Down

Summary

  • With free cash flow generation becoming more meaningful since 2020, many companies have...
OKE Fireside Talk Highlights Positive Differentiators
Energy Infrastructure Channel

OKE Fireside Talk Highlights Positive Differentiators

Summary

  • The vertical integration of ONEOK’s asset base, its pipeline connectivity from the...
Midstream Buybacks Jump in 2Q22
Energy Infrastructure Channel

Midstream Buybacks Jump in 2Q22

Summary

  • A dozen energy infrastructure companies spent a combined $1.4 billion on equity...
A Fireside Chat With EPD: Managed for Long-Term Success
Energy Infrastructure Channel

A Fireside Chat With EPD: Managed for Long-Term Success

Summary

  • Many elements of the EPD story can give investors peace of mind, including a 24-year...
2Q22 Midstream & MLP Dividends: Let the Good Times Roll
Energy Infrastructure Channel

2Q22 Midstream & MLP Dividends: Let the Good Times Roll

Summary

  • Midstream dividend trends remained positive for 2Q22, with a few examples of growth and...
Midstream MLPs & Corps: Differences Beyond Taxes
Energy Infrastructure Channel

Midstream MLPs & Corps: Differences Beyond Taxes

Summary

  • Generally, energy infrastructure corporations tend to be larger and have a higher credit...
Midstream MLPs and Corps: Differences Beyond Tax Treatme
Index Insights

Midstream MLPs and Corps: Differences Beyond Tax Treatment

Summary

  • Generally, energy infrastructure corporations tend to be larger and have a higher...
Dollar Strength a Contributing Factor in Oil Price Pullb
Index Insights

Dollar Strength a Contributing Factor in Oil Price Pullback

Much has been written about the strong dollar, which has been bolstered by rising interest rates...

Strong Dollar Contributing Factor in Oil Price Pullback
Energy Infrastructure Channel

Strong Dollar Contributing Factor in Oil Price Pullback

Much has been written about the strong dollar, which has been bolstered by rising interest rates...

Midstream and MLPs Are Free Cash Flow Powerhouses
Energy Infrastructure Channel

Midstream and MLPs Are Free Cash Flow Powerhouses

Summary

  • Steady cash flows and a meaningful reduction in growth capital spending plans should...
Midstream/MLPs: Free Cash Flow Powerhouse
Index Insights

Midstream/MLPs: Free Cash Flow Powerhouse

Summary

  • Steady cash flows and a meaningful reduction in growth capital spending plans should...
Energy Stocks: Noisy Trading Drowns Out Fundamentals
Energy Infrastructure Channel

Energy Stocks: Noisy Trading Drowns Out Fundamentals

Recession fears have weighed on the energy sector over the last month, and oil prices briefly...

As Energy Stocks Fall, Fundamentals Tell a Different Sto
Index Insights

As Energy Stocks Fall, Fundamentals Tell a Different Story

Summary

  • Despite volatile equity trading, the fundamentals for many energy companies have not...
Income Opportunities & Playing Defense
Energy Infrastructure Channel

Income Opportunities & Playing Defense

The first half of 2022 has been dreadful for investors with broad equity markets off by more than...

Income Opportunities & Playing Defense: MLPs & Utilities
Index Insights

Income Opportunities & Playing Defense: MLPs & Utilities

The first half of 2022 has been dreadful for investors with broad equity markets off by more...

US Energy and Global Implications for Energy Security
Energy Infrastructure Channel

US Energy and Global Implications for Energy Security

  • As many countries look to replace Russian energy, the abundance of resources in the US has taken...
US Energy Independence and Global Implications for Energ
Index Insights

US Energy Independence and Global Implications for Energy Security

Summary

  • As many countries look to replace Russian energy, the abundance of resources in the US...
Recession Fears Stir Energy: What Investors Should Know
Energy Infrastructure Channel

Recession Fears Stir Energy: What Investors Should Know

Summary

  • The combination of mounting recession fears and some profit taking put significant...
Recession Fears Roil Energy: What Investors Should Know
Index Insights

Recession Fears Roil Energy: What Investors Should Know

Summary

  • The combination of mounting recession fears and some profit taking put significant...
Energy & Recessions: This Time Could be Different
Energy Infrastructure Channel

Energy & Recessions: This Time Could be Different

Recession concerns and profit taking contributed to disproportionate weakness in energy in recent...

2022 vs. 2014: Energy’s Recent Strength in Context
Energy Infrastructure Channel

2022 vs. 2014: Energy’s Recent Strength in Context

Earlier this month, Exxon’s (XOM) share price closed above $100 for the first time since 2014....

Midstream/MLP Contracts: Playing the Long Game
Energy Infrastructure Channel

Midstream/MLP Contracts: Playing the Long Game

Summary

  • The length of midstream contracts can vary from a few years to 20+ years, but...
Midstream/MLP Contracts: Playing the Long Game Wins
Index Insights

Midstream/MLP Contracts: Playing the Long Game Wins

Summary

  • The length of midstream contracts can vary from a few years to 20+ years, but...
Some Income Opportunities with International Equities
ETF Building Blocks Channel

Some Income Opportunities with International Equities

Investors, including those seeking income, tend to naturally favor that which is more familiar...

Income Opportunities with International Equities
Index Insights

Income Opportunities with International Equities

Investors, including those seeking income, tend to naturally favor that which is more familiar...

1Q Midstream Buybacks: Widespread Participation
Energy Infrastructure Channel

1Q Midstream Buybacks: Widespread Participation

  • Several companies across the energy infrastructure landscape were active with their repurchase...
1Q22 Midstream Buybacks: Widespread Participation
Index Insights

1Q22 Midstream Buybacks: Widespread Participation

Summary

  • Several companies across the energy infrastructure landscape were active with their...
Revisiting Energy Exposure? Tailor Your Approach
Energy Infrastructure Channel

Revisiting Energy Exposure? Tailor Your Approach

Summary

  • For the energy sector, several years of underperformance over the last decade left many...
Revisiting Your Energy Exposure? Consider a Tailored App
Index Insights

Revisiting Your Energy Exposure? Consider a Tailored Approach

Summary

  • For the energy sector, several years of underperformance over the last decade left many...
1Q22 Midstream Dividends & Outlooks for Variable Payout
Energy Infrastructure Channel

1Q22 Midstream Dividends & Outlooks for Variable Payout

  • Midstream dividend trends remained positive for 1Q22 with no cuts across Alerian’s midstream...
1Q22 Midstream Dividends and the Outlook for Variable Pa
Index Insights

1Q22 Midstream Dividends and the Outlook for Variable Payouts

Summary

  • Midstream dividend trends remained positive for 1Q22 with no cuts across Alerian’s...
Skeptical on Buying the S&P 500 Dip? Check Out This ETF
Leveraged & Inverse ETF Channel

Skeptical on Buying the S&P 500 Dip? Check Out This ETF

It’s easy to say “buy the dip” when markets can bounce back quickly from a...

Positive Fundamentals Fuel Strong Midstream Earnings
Energy Infrastructure Channel

Positive Fundamentals Fuel Strong Midstream Earnings

Summary

  • Macro tailwinds from higher commodity prices and solid operational execution contributed...
Positive Fundamentals Fuel Strong 1Q22 Midstream Earning
Index Insights

Positive Fundamentals Fuel Strong 1Q22 Midstream Earnings

Summary

  • Macro tailwinds from higher commodity prices and solid operational execution...
Income Outperforming Broad Equities as Rates Rise
ETF Building Blocks Channel

Income Outperforming Broad Equities as Rates Rise

With both bonds and equities off to a dismal start to the year and a growing chorus discussing...

Income Investments Outperforming Broad Equities as Rates
Index Insights

Income Investments Outperforming Broad Equities as Rates Rise

With both bonds and equities off to a dismal start to the year and a growing chorus discussing...

Midstream and Natural Gas: Growth in the Pipeline
Energy Infrastructure Channel

Midstream and Natural Gas: Growth in the Pipeline

Summary

  • While recent, counter-seasonal price spikes have made headlines, the long-term...
Midstream and Natural Gas: More Growth in the Pipeline
Index Insights

Midstream and Natural Gas: More Growth in the Pipeline

Summary

  • While recent, counter-seasonal price spikes have made headlines, the long-term...
 MLP ETFs and Finding the Right Fit for Your Portfolio
Energy Infrastructure Channel

MLP ETFs and Finding the Right Fit for Your Portfolio

Summary

  • A mutual fund, ETF, or closed-end fund that owns more than 25% MLPs will be taxed as a...
MLP ETFs and Finding the Right Fit for Your Portfolio Go
Index Insights

MLP ETFs and Finding the Right Fit for Your Portfolio Goals

Summary

  • A mutual fund, ETF, or closed-end fund that owns more than 25% MLPs will be taxed as a...
ET Fireside Chat Highlights LNG, Natural Gas Opportuniti
Index Insights

ET Fireside Chat Highlights LNG, Natural Gas Opportunities

Summary

  • Energy Transfer (ET) has a diversified and integrated asset base across hydrocarbons...
Midstream Dividends Trending in the Right Direction
Energy Infrastructure Channel

Midstream Dividends Trending in the Right Direction

One of the key themes for the midstream and MLP space in 2022 has been the meaningful return of...

Income Opportunities: Midstream Dividends Trending in th
Index Insights

Income Opportunities: Midstream Dividends Trending in the Right Direction

One of the key themes for the midstream and MLP space in 2022 has been the meaningful return of...

Midstream Leveraging Current Assets in the Energy Pivot
Energy Infrastructure Channel

Midstream Leveraging Current Assets in the Energy Pivot

Summary

  • Midstream companies can use their existing assets and expertise to participate in...
Midstream Leveraging Current Assets in the Energy Transi
Index Insights

Midstream Leveraging Current Assets in the Energy Transition

Summary

  • Midstream companies can use their existing assets and expertise to participate in...
MLPs Lead the Way for Midstream Buybacks in 4Q21
Energy Infrastructure Channel

MLPs Lead the Way for Midstream Buybacks in 4Q21

Summary

  • During the fourth quarter, energy infrastructure companies repurchased $650 million of...
MLPs Leading the Way for Midstream Buybacks in 4Q21
Index Insights

MLPs Leading the Way for Midstream Buybacks in 4Q21

Summary

  • During the fourth quarter, energy infrastructure companies repurchased $650 million of...
4Q21 Midstream: Goodbye Cuts and Hello Growth
Energy Infrastructure Channel

4Q21 Midstream: Goodbye Cuts and Hello Growth

Summary

  • For the second consecutive quarter, there were no dividend cuts across Alerian’s...
4Q21 Midstream Dividends: Goodbye Cuts and Hello Growth
Index Insights

4Q21 Midstream Dividends: Goodbye Cuts and Hello Growth

Summary

  • For the second consecutive quarter, there were no dividend cuts across Alerian’s...
What Russia’s Invasion May Mean for US Energy Landscape
Energy Infrastructure Channel

What Russia’s Invasion May Mean for US Energy Landscape

While acknowledging the tragic nature of the invasion of Ukraine and the hardships facing the...

What Russia’s Invasion Could Mean for the US Energy Land
Index Insights

What Russia’s Invasion Could Mean for the US Energy Landscape

Summary

  • Triple-digit oil prices and inflation concerns have supported strong performance and a...
HESM Fireside Chat Highlights Built-In Stability and Gro
Index Insights

HESM Fireside Chat Highlights Built-In Stability and Growth

Summary

  • Hess Midstream (HESM) is a fee-based, gathering and processing company with natural...
Survey: How Advisors View the Energy Transition
Energy Infrastructure Channel

Survey: How Advisors View the Energy Transition

Summary

  • A recent survey of over 600 financial advisors shows MLPs are known for their income,...
Midstream/MLP M&A Update: Parent Buy-Ins and More
Energy Infrastructure Channel

Midstream/MLP M&A Update: Parent Buy-Ins and More

  • The consolidation of MLPs by their parents or significant owners has been a multi-year trend,...
Midstream/MLP M&A Update: Parent Buy-Ins and PE Exits
Index Insights

Midstream/MLP M&A Update: Parent Buy-Ins and PE Exits

Summary

  • The consolidation of MLPs by their parents or significant owners has been a multi-year...
Inflation Worries? Not for Midstream/MLPs
Index Insights

Inflation Worries? Not for Midstream/MLPs

Summary

  • Midstream/MLPs are well-positioned for the current inflationary environment thanks to...
Survey: How Advisors View MLPs, ESG & the Energy Transit
Index Insights

Survey: How Advisors View MLPs, ESG & the Energy Transition

Summary

  • A recent survey of over 600 financial advisors shows MLPs are known for their income,...
Midstream/MLPs Resilient in Periods of Rising Rates
Index Insights

Midstream/MLPs Resilient in Periods of Rising Rates

Summary

  • Multiple factors likely mitigate the potential negative impact of rising rates on...
2022 Midstream/MLP Outlook: Tailwinds Intact
Index Insights

2022 Midstream/MLP Outlook: Tailwinds Intact

Summary

  • Free cash flow generation and the related potential for buybacks are likely to remain...
MLP Exchange Traded Products Explained: ETNs and ETFs
MLP ETFs

MLP Exchange Traded Products Explained: ETNs and ETFs

Summary

  • For investors wanting diversified MLP exposure in a passive product, it is important to...
MLPs, UBTI, ETFs, and IRAs: What You Need to Know
Index Insights

MLPs, UBTI, ETFs, and IRAs: What You Need to Know

Summary

  • Unrelated Business Taxable Income (UBTI) is the income that can trigger Unrelated...
Income Opportunities with Real Assets
Index Insights

Income Opportunities with Real Assets

Why Midstream Investors Should Look Past Oil Volatility
Index Insights

Why Midstream Investors Should Look Past Oil Volatility

Summary

  • Despite the significant pullback in oil prices lately and uncertainty posed by the...
EPD Fireside Chat: Asset Base and Track Record Different
Index Insights

EPD Fireside Chat: Asset Base and Track Record Differentiate

Summary

  • The volatility of 2020 highlighted the advantages of EPD’s integrated asset base, which...
3Q21 Midstream Dividends: Growth Profile Improving
Energy Infrastructure Channel

3Q21 Midstream Dividends: Growth Profile Improving

Summary

  • With no dividend cuts this quarter and some companies resuming growth for the first time...
Gasoline Prices and How Midstream Helps Fill Your Tank
Energy Infrastructure Channel

Gasoline Prices and How Midstream Helps Fill Your Tank

Summary

  • A number of factors contribute to the gasoline price posted at your local corner store,...
3Q21 Midstream Dividends: No Cuts, Growth Profile Improv
Index Insights

3Q21 Midstream Dividends: No Cuts, Growth Profile Improving

Summary

  • With no dividend cuts this quarter and some companies resuming growth for the first...
Robust Free Cash Flow Generation Sets Midstream Apart
Index Insights

Robust Free Cash Flow Generation Sets Midstream Apart

Summary

  • For midstream, the combination of steady cash flows backed by long-term contracts and a...
US Production Outlook: Modest Growth Could Be Just Right
Energy Infrastructure Channel

US Production Outlook: Modest Growth Could Be Just Right

Summary

  • Public producers have been committed to capital discipline and limiting growth, which...
US Production Outlook: Modest Growth Could Be Just Right
Index Insights

US Production Outlook: Modest Growth Could Be Just Right

Summary

  • Public producers have been committed to capital discipline and limiting growth, which...
Income Opportunities: High Yields Don’t Have to Mean Low
PAA/PAGP Fireside Chat: Capital Allocation, Permian in F
Index Insights

PAA/PAGP Fireside Chat: Capital Allocation, Permian in Focus

Summary

  • The midstream business model has transitioned from capital-intensive growth mode to...

Midstream/MLP Buyback Update
Index Insights

Midstream/MLP Buyback Update

Summary

  • Given significant free cash flow generation, several midstream companies have announced...
Midstream and Oil Correlations: Is Frustration Warranted
Index Insights

Midstream and Oil Correlations: Is Frustration Warranted?

Summary

  • The perception of many investors is that midstream has a heightened correlation with...
Positioning for a Potential Market Correction
Index Insights

Positioning for a Potential Market Correction

Market strategists at several institutions have started to strike a more cautious note on the ...

Income Opportunities: Offsetting Low Yields in a Portfol
Gasoline Prices and How Midstream Helps Fill Your Tank
Index Insights

Gasoline Prices and How Midstream Helps Fill Your Tank

Summary

  • A number of factors contribute to the gasoline price posted at your local corner store,...
Midstream/MLPs: Summer Sell-Off Feels Overdone
Index Insights

Midstream/MLPs: Summer Sell-Off Feels Overdone

Summary

  • Energy equities retreated from their relative highs in June as the Delta variant...
Weather, Improving Macro Drive Strong 1Q21 for Midstream
Index Insights

Weather, Improving Macro Drive Strong 1Q21 for Midstream

Summary

  • Midstream 1Q21 results were largely strong, with winter storm impacts driving some rare...
Investing in Space: Growth Beyond this World
Biden’s Tax Proposal and Tax-Efficient Income Opportunit
Riding the ESG Wave by Investing in Water
Index Insights

Riding the ESG Wave by Investing in Water

Could Private Equity Activity in Midstream Pick Up in 20
Index Insights

Could Private Equity Activity in Midstream Pick Up in 2021?

Summary

  • Private equity activity in midstream has served as a catalyst for the space in the...
2021 Midstream Guidance Reassures; Upward Revisions Poss
Index Insights

2021 Midstream Guidance Reassures; Upward Revisions Possible

Summary //

  • In general, 2021 financial guidance and recent results reflect the overall stability...
Insights at a Glance: Midstream/MLP Buyback Update
Index Insights

Insights at a Glance: Midstream/MLP Buyback Update

One of the potential tailwinds for midstream in 2021 relative to past recoveries is the...

Oil, Energy Stocks, & Why Midstream/MLPs Could Rise Furt
Index Insights

Oil, Energy Stocks, & Why Midstream/MLPs Could Rise Further

Summary

  • Oil prices have likely recovered more quickly than anticipated thanks to the...
Searching for More Income? Find Opportunities in Today’s
Can Midstream/MLPs Be a Green Investment?
Index Insights

Can Midstream/MLPs Be a Green Investment?

Summary //

  • Many probably underappreciate the role that traditional oil and gas companies have...
Midstream/MLP Perspectives on Keystone XL, Federal Lands
Index Insights

Midstream/MLP Perspectives on Keystone XL, Federal Lands

Summary //

  • As President Biden took office, the reflation trade that had boosted energy broadly...

Podcast: 2021 Midstream/MLP Update and Outlook
Index Insights

Podcast: 2021 Midstream/MLP Update and Outlook

Alerian’s Director of Research Stacey Morris was recently featured on SS&C ALPS...

What’s Working for Midstream/MLPs, and Can It Continue?
Index Insights

What’s Working for Midstream/MLPs, and Can It Continue?

Summary //

  • Recent commodity price improvement has not been limited to oil as liquefied natural...
Examining 2021 Midstream Guidance for EBITDA and Dividen
Index Insights

Examining 2021 Midstream Guidance for EBITDA and Dividends

Summary //

  • The impact of the pandemic varied by midstream business line, geography, company...
2021 is Finally Here, but Is Your Portfolio Ready?
Index Insights

2021 is Finally Here, but Is Your Portfolio Ready?

With the calendar turning to 2021 (finally), many investors are dusting off their crystal balls...

Insights at a Glance: Summarizing Midstream’s Merits wit
Index Insights

Insights at a Glance: Summarizing Midstream’s Merits with AMNA

In a year of significant macro headwinds, midstream has stood apart from the rest of energy for...

Can Midstream/MLPs’ November Momentum Carry Into 2021?
Index Insights

Can Midstream/MLPs’ November Momentum Carry Into 2021?

Summary //

  • In the midst of a challenging year, the improvement in midstream equities in...
Midstream & MLPs: Bring on the Buybacks
Index Insights

Midstream & MLPs: Bring on the Buybacks

Summary //

  • With double-digit yields common across midstream, payouts feel largely...
Midstream/MLP Earnings So Far: M&A, Dividends, Buyback &
Index Insights

Midstream/MLP Earnings So Far: M&A, Dividends, Buyback & ESG

Summary //

  • Midstream companies have largely been positive on upstream consolidations as the...
Can Falling US Production Benefit Midstream/MLP Equities
Index Insights

Can Falling US Production Benefit Midstream/MLP Equities?

Summary //

  • On the surface, declining production would seem negative for midstream/MLPs, but...
As Energy Pursues Free Cash Flow, Midstream/MLPs Stand O
Index Insights

As Energy Pursues Free Cash Flow, Midstream/MLPs Stand Out

Summary //

  • While energy companies across the sector are pounding the table on free cash flow,...
This is a test Blog Post
Index Insights

This is a test Blog Post

This is the blog article.

This is another paragraph.

Free Cash Flow: A Tailwind for Midstream/MLPs in 2021?
Index Insights

Free Cash Flow: A Tailwind for Midstream/MLPs in 2021?

Summary //

  • The combination of resilient cash flows and lower spending directly supports excess...
What Could the Election Mean for MLPs/Midstream and Ener
Index Insights

What Could the Election Mean for MLPs/Midstream and Energy?

Summary //

  • While a continuation of the Trump administration would be more friendly to oil and...
2Q Earnings Review: Politics, (E&P) Religion, and More
Index Insights

2Q Earnings Review: Politics, (E&P) Religion, and More

Summary //

  • Midstream 2Q results and outlooks were mixed overall, and growth capital spending...
Midstream/MLP 2Q20 Dividends/Distributions Hold Steady
Index Insights

Midstream/MLP 2Q20 Dividends/Distributions Hold Steady

Summary //

US Oil Fundamentals Trending in the Right Direction
Index Insights

US Oil Fundamentals Trending in the Right Direction

Summary

  • Lower demand created a domino effect across the energy value chain with the impact...
Assessing the Threat of the Energy Transition Part 1: Po
Index Insights

Assessing the Threat of the Energy Transition Part 1: Power

Summary //

  • While most would agree that renewables are a long-term threat to hydrocarbons,...
Making the Case for Midstream with the AMNA Index
Index Insights

Making the Case for Midstream with the AMNA Index

Summary //

  • In response to shifts in the midstream universe, Alerian launched the Alerian...
Previewing 2Q Midstream Earnings: COVID-19 Impacts, Dist
Index Insights

Previewing 2Q Midstream Earnings: COVID-19 Impacts, Distributions, & More

Summary //

  • While the initial impacts of COVID-19 in the US first appeared at the end of 1Q20,...
Dominion News: Buffett Buys Gas Infrastructure, ACP Canc
Index Insights

Dominion News: Buffett Buys Gas Infrastructure, ACP Cancelled

Summary //

  • On Sunday, Dominion announced the sale of natural gas infrastructure assets to...
Focusing on Fundamentals: Oil Price Update and Outlook
Index Insights

Focusing on Fundamentals: Oil Price Update and Outlook

Summary //

  • The unprecedented demand impact from the global shutdown following COVID-19...
FERC 2020 Oil Pipeline Index Review: Nonevent or Headach
Index Insights

FERC 2020 Oil Pipeline Index Review: Nonevent or Headache?

Summary //

  • The impact of the March 2018 policy revision from the FERC has largely played out,...
MLP/Midstream Valuations Part 2: Examining EBITDA Multip
Index Insights

MLP/Midstream Valuations Part 2: Examining EBITDA Multiples

Summary //

  • Comparing midstream with other equities, the discounted EBITDA multiples for MLPs...
Decisions, Decisions: Demystifying MLP Investment Option
Index Insights

Decisions, Decisions: Demystifying MLP Investment Options

Summary //

  • While the potential for generous, tax-advantaged income from MLPs is appealing, it...
What about MLPs’ Refiner Customers?
Index Insights

What about MLPs’ Refiner Customers?

With oil’s collapse, a lot of investor attention has been given to the financial health of...

Revisiting Private Equity Involvement in Midstream
Index Insights

Revisiting Private Equity Involvement in Midstream

The midstream space saw a number of private equity transactions in 2019 (read more) headlined by...

How Bad is Oil Demand? Assessing Views Across Energy
Index Insights

How Bad is Oil Demand? Assessing Views Across Energy

While there has been much discussion around oil supply in the form of OPEC+ cuts, curtailments,...

Comparing Forward Estimate Revisions, MLPs/Midstream Sta
Index Insights

Comparing Forward Estimate Revisions, MLPs/Midstream Stand Apart

Expanding on the theme of yesterday’s note discussing midstream defensiveness, today’s piece...

Have Midstream and the Majors Performed Defensively?
Index Insights

Have Midstream and the Majors Performed Defensively?

With oil prices falling by over 70% year-to-date through April 24, even defensive portions of...

1Q20 Midstream/MLP Earnings Preview: Commentary to Trump
Index Insights

1Q20 Midstream/MLP Earnings Preview: Commentary to Trump Numbers

For midstream and energy in general, investors will be more interested in management commentary...

US Production Outlook and MLP/Midstream Implications
Index Insights

US Production Outlook and MLP/Midstream Implications

With benchmark West Texas Intermediate oil prices hovering around $22 per barrel for the June...

What do Oil Price Forecasts Suggest for a Midstream and
Index Insights

What do Oil Price Forecasts Suggest for a Midstream and MLP Recovery?

When a sell-off occurs, the question on everyone’s mind turns to when things will recover....

Examining Past MLP Sell-Offs and Recoveries
Index Insights

Examining Past MLP Sell-Offs and Recoveries

Past performance does not mean anything for future performance as practically every piece of...
EIA Petroleum Update Takeaways: Demand Dropping, Invento
Index Insights

EIA Petroleum Update Takeaways: Demand Dropping, Inventories Rising, Diesel Resilient

Summary:

  • With many Americans working from home, demand for gasoline and jet fuel is falling...
Insights at a Glance: Market Sell-Off Turns Midstream Ma
Index Insights

Insights at a Glance: Market Sell-Off Turns Midstream Market Caps Upside Down

To say that a lot has changed in energy since the end of 2019 would be a massive understatement....

Insights at a Glance: Is Rising Demand for Crude Storage
Index Insights

Insights at a Glance: Is Rising Demand for Crude Storage a Silver Lining for MLPs and Midstream?

Storage tends to be a ho-hum business until it isn’t. With oil demand diving, plentiful...

MLP Consolidation and Conversion Update: Structure Quest
Index Insights

MLP Consolidation and Conversion Update: Structure Questions Likely to Subside for Now

Summary //

  • Since our last discussion of MLP consolidations in July 2019, there have been...
Insights at a Glance: Highlighting MLP/Midstream's Fee-B
Index Insights

Insights at a Glance: Highlighting MLP/Midstream's Fee-Based Exposure in Today's Tough Tape

In addition to updated financial guidance, midstream companies have also provided more...

Insights at a Glance: Midstream Updates Point to More St
Index Insights

Insights at a Glance: Midstream Updates Point to More Stability Than Price Action Implies

With the oil price landscape having changed dramatically, midstream investors are anxiously...

Insights at a Glance: Robust Midstream Insider Buying Am
Index Insights

Insights at a Glance: Robust Midstream Insider Buying Amid Market Volatility

With MLP index yields at all-time highs, several management teams are utilizing this downturn as...

Addressing MLP Investor Questions as Oil Falls: Distribu
Index Insights

Addressing MLP Investor Questions as Oil Falls: Distributions, Leverage, and Counterparty Risk

Summary

  • Midstream MLPs are better positioned for this downturn than in 2014, and distributions...
Midstream MLPs and Corporations: Prepared for Energy’s P
Index Insights

Midstream MLPs and Corporations: Prepared for Energy’s Perfect Storm

Summary

  • Since the challenging environment of 2014-16, the midstream space has spent the last...
US LNG Projects Better Sheltered from Market Headwinds,
Index Insights

US LNG Projects Better Sheltered from Market Headwinds, China Concerns

Summary //

  • From mid-2018 to the end of 2020, US LNG export capacity will have increased by...
State of Midstream: Where are MLPs/Midstream Today, and
Index Insights

State of Midstream: Where are MLPs/Midstream Today, and What Could Lie Ahead?

Summary

  • The macro landscape for midstream remains constructive with US energy production and...
Look Down(stream): What Midstream Can Learn from Refiner
Index Insights

Look Down(stream): What Midstream Can Learn from Refiners about Free Cash Flow and More

Summary

  • There are interesting strategic parallels between refining and midstream, and notable...
Political Risk Rising: 2020 Presidential Candidates, Fra
Index Insights

Political Risk Rising: 2020 Presidential Candidates, Fracking, and Federal Lands

Summary //

  • Among Democratic presidential candidates, there seems to be a consensus around...
Midstream Malaise: What’s Wrong (and Right) with Midstre
Index Insights

Midstream Malaise: What’s Wrong (and Right) with Midstream?

Summary //

  • Oil price volatility and weakness in Henry Hub natural gas prices have made it...
FERCtastic: What MLP and Midstream Investors Should Know
Index Insights

FERCtastic: What MLP and Midstream Investors Should Know about the FERC

Summary

  • Midstream investors should have some familiarity with the FERC given its oversight of...
The Knock-On Effects of Low Natural Gas Prices for MLPs
Index Insights

The Knock-On Effects of Low Natural Gas Prices for MLPs and Midstream

Summary //

  • Weakness in natural gas prices has caused producers to recalibrate growth plans,...
The Case for Energy Infrastructure in Your Portfolio
Index Insights

The Case for Energy Infrastructure in Your Portfolio

Summary //

  • While portfolio construction can be challenging, this piece aims to make that...
MLP Consolidation Part 2: Ch-ch-ch-ch-changes in Midstre
Index Insights

MLP Consolidation Part 2: Ch-ch-ch-ch-changes in Midstream and Investor Implications

Summary //

  • Given announced transactions and the potential for future transactions, the...
MLP Consolidation Part 1: The Nearly Departed
Index Insights

MLP Consolidation Part 1: The Nearly Departed

Summary

  • The evolving (or shrinking) MLP universe continues to be a common topic of discussion...
Is US Energy Independence On Its Way?
Index Insights

Is US Energy Independence On Its Way?

Summary //

  • The US is knocking on the door of achieving energy independence by becoming a net...
Energy Investing Showdown: Midstream/MLPs vs. Majors vs.
Index Insights

Energy Investing Showdown: Midstream/MLPs vs. Majors vs. Broader Energy

Summary //

  • Both midstream and the integrated majors can be thought of as defensive energy...
MLPs: Come for the Yield, Stay for the Total Return
Index Insights

MLPs: Come for the Yield, Stay for the Total Return

Summary //

  • MLPs are becoming more total-return oriented through the shift to self-funding...
2019 Midstream Mid-Year Update Video
Index Insights

2019 Midstream Mid-Year Update Video

In this mid-year video update, we recap midstream’s strong start to 2019 and discuss what...

2019 Midstream Mid-Year Update Video
Index Insights

2019 Midstream Mid-Year Update Video

In this mid-year video update, we recap midstream’s strong start to 2019 and discuss what may be...

1Q19 MLP Distribution Recap: Outlook Improving in Spite
Index Insights

1Q19 MLP Distribution Recap: Outlook Improving in Spite of Cuts

Summary //

  • Most MLPs in the AMZ and AMZI grew their 1Q19 distributions sequentially and on a...
BPL: What does Buckeye’s Buyout Mean for MLPs and Midstr
Index Insights

BPL: What does Buckeye’s Buyout Mean for MLPs and Midstream?

Buckeye Partners (BPL) announced this morning that it has agreed to be acquired by IFM Investors...

Why Yesteryear’s Valuation Metrics Aren’t Sufficient for
Index Insights

Why Yesteryear’s Valuation Metrics Aren’t Sufficient for Today’s MLP

Summary

  • The evolution of MLP business models and the need to attract new investors requires a...
Oil Prices: The Bull Case, the Bear Case, and Wildcards
Index Insights

Oil Prices: The Bull Case, the Bear Case, and Wildcards That Could Throw Off Everything

Summary

  • After tumbling in 4Q18 on Iran sanction waivers, demand concerns, and a strengthening...
Midstream Credit Ratings: Making the (Investment) Grade
Index Insights

Midstream Credit Ratings: Making the (Investment) Grade

Summary

  • Midstream companies are focused on preserving or attaining investment-grade credit...
19 for ’19: Midstream EBITDA Guidance Reflects Strong Ou
Index Insights

19 for ’19: Midstream EBITDA Guidance Reflects Strong Outlook

Summary

  • For the nineteen midstream companies examined, the average 2019 EBITDA growth of 8.4%...
US LNG Exports: The Who, What, Where of Projects and Why
Index Insights

US LNG Exports: The Who, What, Where of Projects and Why China Relations Matter

Summary

  • Multiple LNG export projects in the US are slated to come online this year and next,...
MLP 4Q18 Distribution Coverage … Now Featuring Payout Ra
Index Insights

MLP 4Q18 Distribution Coverage … Now Featuring Payout Ratios!

Summary

  • Today, we look at MLP distribution coverage and payout ratios to help a broader...
Midstream and MLPs: BuyBACK in Action
Index Insights

Midstream and MLPs: BuyBACK in Action

Summary:

  • If management teams feel that dividend/distribution growth is not being rewarded by...
US Oil Production Growth May Be Slowing, but Should MLP/
Index Insights

US Oil Production Growth May Be Slowing, but Should MLP/Midstream Investors Worry?

Summary:

  • Falling oil rig counts and headlines about slowing US oil production growth may give...
It’s 2019. Is Your MLP or Midstream Investment Still Wor
Index Insights

It’s 2019. Is Your MLP or Midstream Investment Still Working for You?

Summary:

  • If you don’t want a K-1 but you want to invest in MLPs, there are a variety of access...
Back to Basics: The MLP and Midstream Investment Thesis
Index Insights

Back to Basics: The MLP and Midstream Investment Thesis

Given oil price volatility and the recent rollercoaster ride in the broader market, it seems...

Bye, Bye, Bye (MLPs) Revisited: MLP Consolidation Enteri
Index Insights

Bye, Bye, Bye (MLPs) Revisited: MLP Consolidation Entering Late Innings

Since we last discussed MLP consolidation in our three-part Bye, Bye, Bye series from this...

MLPs and Midstream: Defense Wins in a Tough Oil Tape
Index Insights

MLPs and Midstream: Defense Wins in a Tough Oil Tape

Before the recent pullback in oil prices, we were often asked this year why MLP and midstream...

Dropdown MLPs: Time to Double (Drop)Down or Fold (In)?
Index Insights

Dropdown MLPs: Time to Double (Drop)Down or Fold (In)?

It’s no secret that MLP equity markets have been challenged since oil prices cratered in 2014,...

Oil Hub Hubbub: Is Houston the New Cushing?
Index Insights

Oil Hub Hubbub: Is Houston the New Cushing?

Once upon a time, North Dakota production was negligible, Canadian oil production was much lower...

Crude Spreads Here, There, and Everywhere – What it Mean
Index Insights

Crude Spreads Here, There, and Everywhere – What it Means for Midstream

While WTI Cushing prices were recently at the mid-$60s per barrel (bbl), prices for heavy crude...

Colorado’s Proposition 112: What is it, and Why do Midst
Index Insights

Colorado’s Proposition 112: What is it, and Why do Midstream Investors Care?

Energy analysts and investors have been closely monitoring the political climate in Colorado as...

Midstream 3Q18 Preview: Key Topics for Earnings Calls
Index Insights

Midstream 3Q18 Preview: Key Topics for Earnings Calls

Today, we look at key themes that will likely be topics of interest on 3Q18 calls for the...

Midstream vs. Upstream: A Tale of Two Market Reactions t
Index Insights

Midstream vs. Upstream: A Tale of Two Market Reactions to Rising Capex

In the wake of the oil downturn, capital discipline has come into focus for many energy-related...

Escalating Ethane Prices and the Implications for MLPs a
Index Insights

Escalating Ethane Prices and the Implications for MLPs and Midstream

When you think of a commodity gaining over 60% in a matter of eight weeks, the story may read...

Thinking about Investing in Canadian Midstream, eh?
Index Insights

Thinking about Investing in Canadian Midstream, eh?

Over time, the US and Canadian energy markets have become more integrated. Energy trade and...

Water in the [Mid]Stream: How Water Flows Generate Cash
Index Insights

Water in the [Mid]Stream: How Water Flows Generate Cash Flows

Your elementary science teacher probably taught you that oil and water don’t mix, but when it...

With the US Exporting 20% of its Oil Production, What Mi
Index Insights

With the US Exporting 20% of its Oil Production, What Midstream Companies Could Benefit?

The US is on track to become the world’s largest oil producer based on 2019 production forecasts...

MLP Summer Recap Video
Index Insights

MLP Summer Recap Video

MLP Distribution Coverage: How and Why It’s Changed
Index Insights

MLP Distribution Coverage: How and Why It’s Changed

While we recap distribution growth quarterly (2Q18 recap), two quarters have passed since we...

2Q18 Recap and the Barbell Profile of MLP Distribution G
Index Insights

2Q18 Recap and the Barbell Profile of MLP Distribution Growth

Cut-Free Quarter for Index Constituents

For context, 2Q18 distributions refer to the...

Bye, Bye, Bye (MLPs) Part 3: What’s an Investor to Do?
Index Insights

Bye, Bye, Bye (MLPs) Part 3: What’s an Investor to Do?

With all the recent transactions in the MLP space and consolidation of MLPs by their C-Corp...

Bye, Bye, Bye (MLPs) Part 2: Who Could Be Saying Bye?
Index Insights

Bye, Bye, Bye (MLPs) Part 2: Who Could Be Saying Bye?

Management teams of several MLPs (or GPs) have made comments indicating the potential for a...

Bye, Bye, Bye (MLPs) Part 1: Who’s Saying Bye and Why?
Index Insights

Bye, Bye, Bye (MLPs) Part 1: Who’s Saying Bye and Why?

We’re kicking off a three-week series on the undisputed topic du jour and elephant in the room...

FERC Finalized Rule Positive for MLPs; Cue the Relief Ra
Index Insights

FERC Finalized Rule Positive for MLPs; Cue the Relief Rally

Yesterday after market close, the FERC finalized its policy rule for natural gas pipelines as it...

US LNG Exports Part 2: How Do LNG Exports Benefit Midstr
Index Insights

US LNG Exports Part 2: How Do LNG Exports Benefit Midstream?

Last week, we discussed the step change in US LNG export capacity expected next year and the...

US LNG Exports Part 1: Capacity Jumping in 2019, but Wil
Index Insights

US LNG Exports Part 1: Capacity Jumping in 2019, but Will There Be Enough?

Last year, the US was one of 19 countries exporting liquified natural gas (LNG) and played a...

Happy July Fourth, America! Celebrating the US Energy Re
Index Insights

Happy July Fourth, America! Celebrating the US Energy Revolution

In just ten years, the US energy landscape has radically changed. Ten years ago, the headlines...

How Much Energy Infrastructure Does North America Still
Index Insights

How Much Energy Infrastructure Does North America Still Need?

When we aren’t being asked about topics like distribution growth, self-funding, restructurings,...

Are Energy Stocks Catching Up to Crude?
Index Insights

Are Energy Stocks Catching Up to Crude?

Energy investors, and particularly MLP investors, have likely been frustrated with the lagging...

Five Fascinating Takeaways from the 2018 EIA Energy Conf
Index Insights

Five Fascinating Takeaways from the 2018 EIA Energy Conference

Last week, I attended the Energy Information Administration’s 2018 Energy Conference. While...

MLP and Energy Infrastructure Conference Recap: Dissecti
Index Insights

MLP and Energy Infrastructure Conference Recap: Dissecting the Disconnect with Fundamentals

Last week, we attended the MLP and Energy Infrastructure Conference hosted by the Master Limited...

1Q18 MLP Distribution Recap: Several Growers Overshadowe
Index Insights

1Q18 MLP Distribution Recap: Several Growers Overshadowed by Two Cuts

How many MLPs in the AMZ and AMZI grew, maintained, or cut their distributions for 1Q18?

For...

US Energy Exports: How MLPs Help Meet Growing Demand in
Index Insights

US Energy Exports: How MLPs Help Meet Growing Demand in Asia

In case you missed it, something notable happened in March with implications for MLPs and energy...

Is Self-Funding an MLP Pipe Dream?
Index Insights

Is Self-Funding an MLP Pipe Dream?

Self-funding has become a buzzword in the MLP space, but is it really translating to MLPs’...

The Permian: Is Producer Pain Midstream’s Gain?
Index Insights

The Permian: Is Producer Pain Midstream’s Gain?

We’ve received multiple inbound questions on the Permian Basin lately, particularly in reference...

Are MLPs Really Disappearing?
Index Insights

Are MLPs Really Disappearing?

There’s a common impression (dare we say, misconception?) in the MLP space that MLPs are...

Distribution Coverage: Perhaps a Pleasant Surprise?
Index Insights

Distribution Coverage: Perhaps a Pleasant Surprise?

Investors occasionally ask us what distribution coverage looks like for MLPs. While it may seem...

Enough About Oil, What About Natural Gas?
Index Insights

Enough About Oil, What About Natural Gas?

Dedicating an entire post to natural gas may be a risky move, given that all anyone ever seems...

Should Midstream Steel Itself for Steel Tariffs?
Index Insights

Should Midstream Steel Itself for Steel Tariffs?

One of the appeals of investing in energy infrastructure is that it’s real assets. For some...

MLPs Sell Off on Today’s FERC Policy Revision – Warrante
Index Insights

MLPs Sell Off on Today’s FERC Policy Revision – Warranted or Not?

“Beware the Ides of March!” is ringing true today in MLP land, but we don’t believe the impact...

MLP Structural Simplifications: Part 2 – IDR Elimination
Index Insights

MLP Structural Simplifications: Part 2 – IDR Eliminations

Last week we discussed reorganizations in the MLP space, and today, we look at the other...

MLP Structural Simplifications: Part 1 — Reorganizations
Index Insights

MLP Structural Simplifications: Part 1 — Reorganizations

Several transactions in the MLP space have been proposed or completed in the name of...

Monthly Mailbag: Do Lower Corporate Income Taxes Mean Lo
Index Insights

Monthly Mailbag: Do Lower Corporate Income Taxes Mean Lower Pipeline Rates?

This earnings season, MLPs have been fielding questions around the impact that the lowered...

Is the US Over-Piped? Part 2 – MLP Pipeline Growth Oppor
Index Insights

Is the US Over-Piped? Part 2 – MLP Pipeline Growth Opportunities

Last week, we discussed re-contracting risk in the context of the broader question of whether...

Is the US Over-Piped? Part 1: MLP Re-Contracting Risk
Index Insights

Is the US Over-Piped? Part 1: MLP Re-Contracting Risk

Investors often ask us if the US is over-piped. The question points to two concerns. First, will...

After Four Years of Lagging, Could MLPs Outperform Utili
Index Insights

After Four Years of Lagging, Could MLPs Outperform Utilities in 2018?

In a market where income remains scarce, there are only so many investment options with...

Where’s the Growth? 2018 Distribution Guidance for AMZI
Index Insights

Where’s the Growth? 2018 Distribution Guidance for AMZI Constituents

Even as the MLP model evolves and self-funding (equity) becomes the holy grail of MLP Land,...

US Production is Growing, Though You Wouldn’t Know it fr
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US Production is Growing, Though You Wouldn’t Know it from the Rig Count

As volume-driven businesses, US production of oil and gas is meaningful for MLPs for filling...

What Are Crude Spreads and Why Do They Matter to MLPs?
Index Insights

What Are Crude Spreads and Why Do They Matter to MLPs?

Crude Spreads 101

When you hear someone talk about oil prices in the US, chances are the person...

Which Individual MLPs are Most Correlated with Crude Pri
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Which Individual MLPs are Most Correlated with Crude Prices?

On December 20th, we published a white paper discussing MLPs’ heightened correlation with WTI...

Private Equity in Midstream – The Bad, the Good, and the
Index Insights

Private Equity in Midstream – The Bad, the Good, and the Unknown

The involvement of private equity (PE) firms in the midstream space isn’t new, but lately, PE...

Are Buybacks Becoming Mainstream for Midstream?
Index Insights

Are Buybacks Becoming Mainstream for Midstream?

When you hear MLPs and buybacks, chances are that you don’t think of dynamic combinations like...