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Elliott Gue and Roger Conrad’s Complete Guide to

Energy & Income Investing

Over 50 years of combined experience in analyzing the energy markets!

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THIS MONTH’S ISSUE

Capacity Shortages and the Bullish (Long-Term) Case for Energy

January 19, 2023|

Editor’s note: This month’s issue of Energy and Income Advisor comes at you in two parts. Part one is the micro or ground up view, with all the regular EIA features. And later this month, we’ll be sending you the macro view, what we’re really playing for by investing in energy and how. Thanks for reading.—EG, RC Consistently providing affordable, clean and reliable energy is a challenge requiring immense technical know-how, effort and expense. But how that’s achieved has become a culture war issue in recent years, often impeding needed investment. For example, as this winter’s events have demonstrated, the state of New York is more dependent than ever on natural gas to generate electricity, after forcing the shutdown of the Indian Point nuclear plant. But government has still refuses to allow drilling or even construction of needed pipeline infrastructure to ensure supply. The all-too-predictable result: Stretched supplies during last month’s cold snap forced utility Consolidated Edison (NYSE: ED) to ask its customers to sharply curtail demand. Scarce natural gas supplies have also been at the root of New England’s record energy costs this winter, as the region’s lack of gas pipeline infrastructure forces it to rely on seaborne LNG. ...

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Live Chat

with Elliott Gue and Roger Conrad

On 01/31/2023

Live Chat with Elliott Gue and Roger Conrad

What Q4 Earnings and Guidance Updates Will Tell Us About 2023

By |January 19, 2023|

Companies’ annual filing requirements are much more intensive than quarterly ones. So the timing of portfolio Q4 earnings reporting and guidance updates looks set to extend to late February. Here are announced and expected dates for our portfolio recommendations’ results and investor calls. Note that Kinder Morgan Inc (NYSE: KMI) has already checked in, and we highlight its results later on in this report: Baker Hughes Co (NYSE: BKR)—Jan 23 Black Stone Minerals LP (NYSE: BSM)—Feb 21 (expected) Chesapeake Energy (NYSE: CHK)—Feb 23 (expected) ConocoPhillips (NYSE: COP)—Feb 2 Crestwood Equity Part(NSDQ: CEQP)—Feb 22 (expected) CrossAmerica Part LP (NYSE: CAPL)—Feb 28 (expected) Energy ...

Endangered Dividends List

By |January 19, 2023|

Endangered Dividends List companies are vulnerable for one or more of the following reasons: Cash flow coverage of distributions is inadequate. Elevated debt levels with imminent refinancing needs. Revenue pressure triggered by weakness for at least one key asset. Inability to access the equity market on favorable terms to fund capital spending, forcing management to utilize more internally generated cash flow. Exposure to volatility in commodity margins from either rising or falling prices of raw materials. Aggressive general partners anxious to buy in limited partners’ cash flows at discounted prices. Regulatory reversals. Expiring contracts with little hope for renewals at ...

Kinder’s Q4 and It Means for Midstream

By |January 19, 2023|

Kinder Morgan Inc (NYSE: KMI) is the first portfolio member to announce Q4 results and update its 2023 guidance. The midstream company shared its initial projections in early December, including for a mid-point for distributable cash flow of $2.13 per share, a dividend of $1.13 per share, adjusted EBITDA of $7.7 billion and end-year net debt to EBITDA of 4 times. The DCF guidance midpoint was set roughly flat with Kinder’s expected 2022 number, on the premise that new revenue from asset expansion would be roughly offset by higher debt interest costs—given the company’s historically generous use of variable rate ...

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Meet Our Editors

Elliott H. Gue

Founder and Chief Analyst

Since earning his bachelor’s and master’s degrees from the University of London, Elliott has dedicated himself to learning the ins and outs of this dynamic sector, scouring trade magazines, attending industry conferences, touring facilities and meeting with management teams.

Roger S. Conrad

Founder and Chief Analyst

Roger S. Conrad has successfully advised income investors since the 1980s, with a nationally acclaimed sector specialty in utilities, telecommunications and energy. He’s a managing partner of Capitalist Times author of Power Hungry, independent director of NYSE-listed Miller Howard High Income Equity Fund and contributing editor to Forbes.com.

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