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When Emotions are High Expect a Reversal

By  Roger S. Conrad
Issue No.154 . Aug. 9, 2019

Once again, fear has the energy sector in its talons. Benchmark WTI Cushing oil has yet to break its mid-June low. But the S&P 500 Energy Index has already dropped by nearly 9 percent this month alone.

The Alerian MLP Infrastructure Index is down more than 11 percent. Worst hit of all have been mid-sized independent producers and the midstream companies and MLPs that serve them.

For example, Antero Midstream Corp (NYSE: AM) and Antero Resources (NYSE: AR) are off by 14.5 percent and 19 percent so far this month, respectively. Oasis Petroleum (NYSE: OAS) and Oasis Midstream Partners (NYSE: OMP) are lower by 49 percent and 22.6 percent, respectively.

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  • Endangered Dividends List

    By Roger S. Conrad on Aug. 9, 2019

    There have been no dividend cuts in our Energy and Income Advisor coverage universe in the brief time since the previous issue went to post. Rather, the majority of EDL members have elected to maintain the same payout rates for at least another quarter.

  • Q2 Earnings Part Two

    By Roger S. Conrad on Aug. 9, 2019

    Midstream: The Strong Get Stronger

    Chances are you’ve seen the disqualifier “past performance may not be predictive of future results.” But while that’s perfectly apropos for financial products and services, the opposite is increasingly true for midstream energy companies and MLPs.

  • Oil Services: International Growth, Shale Changes

    By Elliott H. Gue on Aug. 2, 2019

    Since I began covering the energy industry in depth some two decades ago, one of the quarterly events I look forward to most is Schlumberger’s earnings release. There have now been three different CEOs since I began covering this company and market conditions for the company have changed dramatically over the years.

  • Endangered Dividends List

    By Roger S. Conrad on Aug. 2, 2019

    There have been no distribution cuts since the previous issue of Energy and Income Advisor. EQM Midstream Partners (NYSE: EQM), its 58.49 percent owner and general partner Equitrans Midstream Corp (NYSE: ETRN), GasLog Partners (NYSE: GLOP), Martin Midstream Partners (NSDQ: MMLP) and Vermilion Energy (TSX: VET, NYSE: VET) have all reported second quarter results and issued guidance.

  • Values and Value Traps in Canada and Australia

    By Elliott H. Gue on Jul. 21, 2019

    Q: Oil and gas prices in Canada remain deeply depressed relative to US prices. What’s the timetable on closing that gap? How critical is that to the prospects of Canadian oil and gas companies?

    A: Discounted Canadian prices for oil and natural gas are generally the result of insufficient takeaway capacity, which is most effectively dealt with by building new pipeline capacity.
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    Elliott and Roger on Jul. 31, 2019

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      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor

    • Roger S. Conrad

      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor