This is the second in our series of roundtable Q&A discussions focusing on Q1 results and guidance updates from management teams for 2021 and beyond. For more individual company analysis, see this issue’s Portfolio section.
Q: Now that energy sector bellwethers have reported Q1 numbers and guidance, what stands out most to you?
RC: As I did in the previous roundtable, I’ll focus my answer on midstream companies. So far, we have numbers and updated guidance on five we hold either in our Model Portfolio or on the High Yield Energy List. Those are Crestwood Equity Partners (NYSE: CEQP), Hess Midstream (NYSE: HESM), Kinder Morgan Inc (NYSE: KMI), Magellan Midstream (NYSE: MMP) and ONEOK Inc (NYSE: OKE).
All but Magellan have a strong midstream oil and especially natural gas presence in the Bakken. Many analysts have questioned just how durable production volumes in that shale basin are, given at least some producers appear to be shifting resources to the Permian Basin of West Texas.
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Elliott and Roger on Aug. 31, 2021
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