Here’s our post-Q2 earnings macro analysis, with a focus on what results and guidance say for returns on our recommended stocks for the rest of the year and beyond.

Q: What was your most important observation from energy sector Q2 results and guidance updates? Was it what you expected?

RC: For the midstream companies, it’s that management teams are keeping financial and operating strategies just as conservatively focused as they were last year. That was definitely not a surprise to me. But it is great confirmation that we’re on the right track with our portfolio strategy, despite these stocks’ lagging performance this summer.