Investing Topics: Income Investing

Permian Basin to Take Market Share in a Short-Cycle World

By Peter Staas on Jun. 27, 2017

Break-even rates continue to fall across the board in US shale plays, but the efficiency gains that come from exploiting multiple oil-bearing formations with the same infrastructure give the Permian Basin an edge in the battle for market share.

The Discount On MLP Equity Offerings Narrows

By Peter Staas on Mar. 1, 2017

Narrowing discounts on midstream MLPs’ overnight equity offerings bode well for the group.

International Intrigue

By Roger S. Conrad on Jul. 20, 2016

Our International Portfolio’s conservative allocation weathered the selloff in energy-related equities with aplomb and has continued its strong performance in 2016. The handful of names in our aggressive sleeve have also rallied hard this year. We revisit out strategy for the back half of the year.

Midstream and MLP Update

By Elliott H. Gue on Jul. 19, 2016

The past few weeks have brought a number of important transactions involving midstream operators and master limited partnerships. We share our take and analyze their implications.

Bond Update

By Roger S. Conrad on Jul. 31, 2015

In December 2014, we highlighted a basket of undervalued bonds issued primarily by upstream master limited partnerships (MLP) that we thought would rally if they cut their distributions to shore up their balance sheets and focus on paying down debt. We also reasoned that these securities would pop on any relief rally in energy prices. This strategy worked nicely and we took some decent profits off the table. A similar opportunity appears to be in the works.

Avoid These MLP Value Traps

By Elliott H. Gue on Dec. 30, 2014

The prospect of sky-high yields may draw some bargain hunters to hard-hit upstream master limited partnerships; history suggests that there’s more downside to come for these names.

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