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  • Roger S. Conrad

Feature Article

Q2 Earnings Part Two

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.

Endangered Dividends List

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

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.

Inside MLPs Part II

Talking Point #1: Over the past 18 months we’ve seen basis differentials rise quite sharply. Those regional pricing differences for crude oil and natural gas are up at least in part to insufficient pipeline infrastructure, including what serves key shale fields like the Permian Basin.

Endangered Dividends List

Unfortunately, we continue to see elevated risk for a number of companies, and particularly for the 13 currently on our Endangered Dividends List. For more on where the risk lies at individual midstream energy companies and MLPs, see the comments column in our now updated MLP Ratings table, including analysis of first quarter results, distribution coverage and debt-to-EBITDA figures and prospects for potential roll-up mergers. It’s posted on the Energy and Income Advisor website under the “Portfolios” tab.

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  • Live Chat with

    Elliott and Roger on Jun. 30, 2020

  • Portfolios & Ratings

    • Model Portfolios

      Balanced portfolios of energy stocks for aggressive and conservative investors.

    • Producers and Drillers

      Our take on more than 50 energy-related equities, from upstream to downstream and everything in between.

    • MLPs and Midstream

      Our assessment of every energy-related master limited partnership.

    • International Coverage

      Roger Conrad’s coverage of more than 70 dividend-paying energy names.

    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