With the oil price landscape having changed dramatically, midstream investors are anxiously awaiting updated company outlooks, even if it is reaffirming past guidance. Several companies across midstream have provided updates over the past week, mostly cutting back on capital spending in response to the changing plans of producers. Of the 13 companies included below, six maintained 2020 EBITDA or distribution guidance. Additionally, Enterprise Products Partners (EPD), which does not provide EBITDA guidance, declared its 1Q20 distribution yesterday, maintaining its payout from 4Q19. EPD also noted that it is reviewing its capital budget and will provide an update with 1Q20 results. On the other hand, Targa Resources (TRGP) announced a significant dividend cut yesterday, while also lowering 2020 capital spending guidance. For the space broadly, more clarity should come with 1Q20 results, but more timely updates, such as those below, help address investor concerns heightened by market and oil price volatility.
