Index Insights

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• The combination of pressured equity performance and resilient EBITDA estimates has...

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• With the economic challenges brought by the COVID-19 pandemic providing a kind of...

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• Midstream capital spending is expected to continue to decline after 2020, driving free...

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• The combination of resilient cash flows and lower spending directly supports excess...

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• Natural gas prices have increased significantly year-to-date on the back of an...

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• Global LNG prices have been boosted recently by recovering demand with coronavirus...

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• Distribution coverage for MLPs remains elevated relative to history after 1Q20...

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• While a continuation of the Trump administration would be more friendly to oil and...

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• ESG reporting has continued to gain traction in midstream with six more companies...

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• Forward EBITDA estimate revisions for midstream have been resilient in contrast to...

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• Midstream 2Q results and outlooks were mixed overall, and growth capital spending...

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• Based on our broadest midstream index, the Alerian Midstream Energy Index (AMNA),...

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• Lower demand created a domino effect across the energy value chain with the impact...

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• For many investors, the most viable way to get the benefits of real assets exposure...

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• EVs are a small portion of the vehicle fleet today, and their impact on oil demand...

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• While most would agree that renewables are a long-term threat to hydrocarbons,...

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• Midstream and utilities both tend to appeal to investors with their attractive...

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• In response to shifts in the midstream universe, Alerian launched the Alerian...

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• Despite the decrease in midstream yields in recent months, yields for both the Alerian...

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• While the initial impacts of COVID-19 in the US first appeared at the end of 1Q20,...

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• Comparing the taxation of an MLP investment against the taxation of a C-Corp...

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• On Sunday, Dominion announced the sale of natural gas infrastructure assets to...

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• Significant growth in domestic oil and natural gas production over the last decade...

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• In general, the companies that have reported average contract life provide some...

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• The unprecedented demand impact from the global shutdown following COVID-19...

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• The impact of the March 2018 policy revision from the FERC has largely played out,...

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• Comparing midstream with other equities, the discounted EBITDA multiples for MLPs...

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• Yield spread analysis has become an inadequate standalone method for valuing...

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• The recent recovery in energy has been multifaceted against the backdrop of an...

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• While fossil fuels still dominate the global energy landscape, renewable energy...

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• While the potential for generous, tax-advantaged income from MLPs is appealing, it...

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• While NGL production was relatively resilient through April, production is expected...

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• Due to the fee-based nature of its cash flows, midstream has historically had a...

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• LNG prices in Europe and Asia have converged with the US Henry Hub benchmark over...

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• With midstream companies revising their dividend policies in response to macro...

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• US oil production is declining as exploration and production (E&P) companies...

With the release of quarterly earnings from Equitrans Midstream (ETRN) and EQM Midstream (EQM)...

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

Amid recent volatility, one looming question for midstream has been whether the space will be...

Moving into the late stages of 1Q20 earnings season for midstream, financial guidance updates...

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

A substantial number of midstream companies have released capital spending updates since early...

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

Given most midstream dividends for 1Q20 have now been announced, today’s piece discusses how...

After Kinder Morgan (KMI) kicked off midstream earnings season last week, both Enterprise...

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

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

Crude inventories, prices, and production have undoubtedly been front of mind for many energy...

Before oil prices fell off, US natural gas prices were already weak, with gas producers shifting...

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

Given their greater income, we have typically prioritized MLPs in our research covering yields...

During periods of market volatility, investors often look at credit ratings as one way of...

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

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

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• Though both benefit from regulated or fee-based cash flows, broader infrastructure...

Amid ongoing market volatility and the long wait for first quarter earnings, some companies...

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• With many Americans working from home, demand for gasoline and jet fuel is falling...

With media headlines surrounding President Trump’s meeting with energy CEOs last week and...

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

March was a historically tough month for midstream given the start of an oil price war and...

Given the staggering 58.5% year-to-date drop in oil prices to $25.32 per barrel (bbl) as of...

Since oil prices collapsed in early March, several MLPs have announced changes to their capital...

In recent weeks, we have discussed the stability of MLP/midstream cash flows at length by...

Since the oil price war began earlier this month, we have focused primarily on crude’s fall and...

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

Yesterday, Magellan Midstream Partners (MMP) updated investors on its business by holding a...

Since our initial stress test of the Alerian MLP Infrastructure Index’s (AMZI) yield (read more...

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• Since our last discussion of MLP consolidations in July 2019, there have been...

While pipelines are often considered the bread and butter of the MLP space, MLPs provide a wide...

With broader markets under pressure and MLP yields near all-time highs, many investors are...

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

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

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

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• For AMZI constituents, the relatively low principal maturing this year provides some...

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• Midstream MLPs are better positioned for this downturn than in 2014, and distributions...

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• Since the challenging environment of 2014-16, the midstream space has spent the last...

The Alerian Midstream Energy Dividend Index (AEDW) and the Alerian MLP Infrastructure Dividend...

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• Higher distribution coverage ratios can give investors comfort around the ability...

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• After a cut-free 3Q19, four AMZ constituents cut their distributions sequentially...

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• From mid-2018 to the end of 2020, US LNG export capacity will have increased by...

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• In total, about 2.6 million barrels per day of new Permian crude takeaway capacity is...

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• The macro landscape for midstream remains constructive with US energy production and...

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• Some of the largest US and Canadian midstream companies are guiding to robust annual...

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• There are interesting strategic parallels between refining and midstream, and notable...

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• Due to slowing US energy production growth, an emphasis on capital discipline, and...

How will midstream fare in the new decade? Watch our three-minute 2020 Midstream Outlook video...

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• Seasonality in demand for hydrocarbons is one of many factors that affects prices.
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It’s that time of year! Our annual Christmas Karyl is ready for your listening (and...

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• Midstream C-Corps have significantly outperformed MLPs in 2019 on a price-return...

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• Among Democratic presidential candidates, there seems to be a consensus around...

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• The vast majority of AMZ and AMZI constituents have eliminated their incentive...

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• Oil price volatility and weakness in Henry Hub natural gas prices have made it...

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• Despite elevated inventories, delayed cracker additions, and steady export levels,...

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• For the first time in over a year, no AMZ or AMZI constituent cut their...

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• The pass-through structure of MLPs provides significant tax efficiency but comes...

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• With ESG gaining traction broadly among the investment community, discussions...

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• After years of significant growth, US oil production is showing signs of a...

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• Midstream investors should have some familiarity with the FERC given its oversight of...

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• Alerian offers a variety of midstream indexes to meet the benchmarking needs of...

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• Recent deregulatory actions have been beneficial in reducing uncertainty for project...

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• Two major Permian pipeline projects began service in August, helping to ease the basin...

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• US LNG exports continue to grow steadily and reached a new record of 5.2 billion cubic...

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• New IMO regulations imposing stricter sulfur limits on the shipping industry have...

Last night, Tallgrass Energy (TGE) announced that it received a take-private bid from its...

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• Healthier distribution coverage is the result of improvements MLPs have made in...

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• Most MLPs in the AMZ and AMZI grew their 2Q19 distributions sequentially and on a...

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• Weakness in natural gas prices has caused producers to recalibrate growth plans,...

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• While portfolio construction can be challenging, this piece aims to make that...

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• With takeaway constraints continuing to plague Canadian oil producers, Alberta...

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• Given announced transactions and the potential for future transactions, the...

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• The evolving (or shrinking) MLP universe continues to be a common topic of discussion...

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• Oil prices have been volatile in the last few months, with the price of WTI crude...

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• The US is knocking on the door of achieving energy independence by becoming a net...

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• Reducing leverage to more comfortable levels is important for midstream in terms of...

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• Both midstream and the integrated majors can be thought of as defensive energy...

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• The recently announced Red Oak Pipeline system joint venture is representative of...

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• The broad decline in the rig count in Oklahoma over the last year has likely reflected...

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• MLPs are becoming more total-return oriented through the shift to self-funding...

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

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• To attract generalists and new investors, midstream companies need to continue to...

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• Most MLPs in the AMZ and AMZI grew their 1Q19 distributions sequentially and on a...