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Feature Article

Profit by Swimming Upstream

Units of upstream MLPs have traditionally offered a higher yield than their midstream counterparts in part because natural production declines require consistent access to the capital markets to fund growth projects and acquisitions.

With MLPs enjoying a record low cost of capital and high-quality assets available on the cheap, this segment of our coverage universe offers some of the best values and upside to savvy investors.

Riding the Cycle

The end of easy oil is a secular trend that will provide a long-term tailwind for the services industry. However, investors also need to be attuned for short-term downdrafts and updrafts in this cyclical industry as a means of identifying which names are best-positioned to thrive in the current environment.

Going Long: The End of Easy Oil

Although global oil production has yet to reach its zenith, the supply of easy- and inexpensive-to-produce oil has likely peaked. To replace declining production from mature fields and generate growth in output, producers increasingly must ramp up operations in technically complex plays that are much more expensive to develop.

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    Experts

    • Elliott H. Gue

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

    • Roger S. Conrad

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