US Crude-Oil Exports to Canada Surge
While the political football that is TransCanada Corp’s (TSX: TRP, NYSE: TRP) Keystone XL pipeline dominates the headlines, US crude-oil exports to Canada have increased by almost 75 percent over the past three years.
Growing Pains: MLPs Go Mainstream
The rhetoric underpinning many of the more than 60 presentations that we attended at the National Association of Publicly Traded Partnership’s annual investor conference was remarkably similar.
Midstream master limited partnerships repeatedly emphasized the progress they’d made increasing fee-based revenue and insulating cash flow against swings in commodity prices.
Meanwhile, management teams also highlighted their firms’ positions in the best shale plays, the number of blue-chip energy producers with which they have contracts, their low-risk expansion plans and forecasts for distribution growth.
To filter the barrage of information we gleaned during these presentations and subsequent breakout sessions with management teams, we opted to focus on two criteria: an MLP’s prospects for growth and its relative valuation. Over the course of two jam-packed days of presentations and meetings, we identified eight MLPs that trade at reasonable valuations across the risk spectrum.
Going Steady
One of our goals heading into the National Association of Publicly Traded Partnerships’ (NAPTP) annual investor conference was to identify midstream names that hadn’t been bid to the moon but were more than capable of facing down whatever challenges had kept them out of the rally.
Is There an MLP Bubble?
Two days of meeting with management teams at the National Association of Publicly Traded Partnerships’ (NAPTP) annual investor conference gave us a lot of insight into individual master limited partnerships (MLP). However, one question loomed large during our two-hour car ride to New York: Is there an MLP Bubble?
Distribution Cut Appears Likely for Navios Maritime Partners LP
Although the market for dry-bulk carriers appears close to a bottom, the timing of a significant turnaround remains a few years away. Against this backdrop, a distribution cut appears inevitable for Navios Maritime Partners.
Midwest Refinery Turnarounds Widen WTI-WCS Spread
Although the spread between the price of West Texas Intermediate (WTI) crude oil and Western Canada Select (WCS) has narrowed considerably in 2013, a rash of maintenance-related refinery turnarounds in the second Petroleum Administration for Defense District (PADD 2) have caused this price differential to increase in recent weeks.
MLP Investing: Turnaround Tales
Buckeye Partners LP (NYSE: BPL) capped its turnaround tale by resuming distribution growth in the first quarter of 2013. Will NuStar Energy LP (NYSE: NS) be able to pull off a similar feet?
Canada’s Natural-Gas Market: Unique Challenges and Opportunities
In this Graph of the Week, we examine the interaction between the Canadian and US natural-gas markets.
First Look: Learning from Earnings
Canadian stocks have underperformed this year, weighed down by a litany of challenges: oil and gas pipeline bottlenecks that have depressed price realizations for producers; a finance minister intent on squelching speculation in the real estate market; increasing competition for investment capital from the surging US market; and a worrisome wave of dividend cuts among former income trusts. Roger Conrad runs down what we’ve learned from first-quarter earnings thus far.
Atmos Energy Corp: Time to Buck Big Mo’
Income-starved investors have bid up shares of Atmos Energy Corp (NYSE: ATO) to unreasonable prices, making the stock ripe for a 25 percent to 30 percent correction.
Live Chat with
Elliott and Roger on Feb. 25, 2021
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Our take on more than 50 energy-related equities, from upstream to downstream and everything in between.
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Our assessment of every energy-related master limited partnership.
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Experts
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Elliott H. Gue
Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor
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Roger S. Conrad
Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor