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  • Roger S. Conrad

Q3 Earnings Roundup – Key Lessons and Where We Go From Here

By Elliott H. Gue on Nov. 24, 2019

What’s the most important lesson that investors should draw from energy companies’ Q3 earnings and updated guidance?

RC: In the midstream business, companies’ results are being affected very differently by the cutback in drilling rig deployment. Investors are treating sector companies almost as though the blow will fall equally hard on all of them. And MLPs especially can’t catch a break, almost no matter what they report.

But the truth is there were very wide differences in the trends behind numbers reported by midstream companies in Q3. And that gap is likely to widen going forward.

On the positive side, we’re seeing Portfolio companies generate up to twice as much operating cash flow and they dish out in distributions. That’s enabling them to finance most or all capital spending without issuing equity or even debt in some cases.

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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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    • 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