Key Takeaways from Q1 Earnings: LNG, Deepwater and the Permian Basin
First-quarter earnings season is in full swing for the energy sector, with the major integrated oil and gas companies and the diversified oil-field service companies reporting results this week. Here’s a quick rundown of some of our key takeaways from the action.
Electric Vehicles: Focus on the Pie on Your Plate, Not the Pie in the Sky
In picking stocks with exposure to electric vehicles, we aim to identify names that also offer leverage to near-term upside catalysts.
Is Sentiment Toward Energy Stocks Catching Up With Fundamentals?
Despite the market’s recent focus on geopolitical risk, the supply-demand balance in the global oil market appears supportive of prices. Does the recent breakout in energy stocks suggest that investors have come around to this reality?
Too Much of a Good Thing: WTI-Midland Trades at a Discount to the Gulf Coast
Surging oil production from the Permian Basin and insufficient takeaway capacity means that West Texas Intermediate delivered to Midland, Texas, trades at a widening discount to Brent and Light Louisiana Sweet crude oils. We examine how long this arbitrage opportunity could last and which energy companies stand to benefit.
Three Deals a Week: Key Takeaways from Recent Acquisitions in the Energy Sector
The past week brought a bumper crop of acquisitions involving publicly traded energy companies, sparking scuttlebutt about a resurrection in M&A activity in the sector—a welcome upside catalyst that could help to bring generalists back to the space.
Love Among The Ruins? The Prospects For MLP M&A
What does Energy Transfer Equity LP’s rejected takeover offer for NuStar GP Holdings LLC tell us about the prospects for mergers and acquisitions in the MLP space?
FERC Sticks a Fork in Master Limited Partnerships’ Income Tax Allowance on Regulated Pipes: Winners and Losers
Yesterday the Federal Energy Regulatory Committee (FERC) announced that it would no longer permit master limited partnerships (MLP) to recover an income tax allowance in the cost-of-service rates on interstate pipelines. We explore the risks and opportunities created by this policy change.
Why Master Limited Partnerships Are Issuing More Bonds and Preferred Stock
Equity issuance by master limited partnerships (MLP) has fallen off a cliff this year, but these names have stepped up their sales of bonds and preferred units.
Why Nontraditional Master Limited Partnerships Have Outperformed in 2018
A lack of market depth means that some of the highest-quality master limited partnerships have struggled to gain traction this year, helpting to explain why many of this year’s top performers come from off the beaten path.
US Shale Operators: Showing Restraint, Or Encountering Constraints?
In the past, we’ve argued (correctly) that market participants and investors who bet against the resilience and potential upside in US oil production do so at their own peril. However, with the market now accustomed to these upside surprises, investors shouldn’t overlook the potential constraints on US production growth.
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Elliott and Roger on Oct. 29, 2020
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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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Roger Conrad’s coverage of more than 70 dividend-paying energy names.
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