US Energy Renaissance

MLPs: Evolution, Not Extinction

When crude-oil prices collapsed after OPEC announced that it would maintain output instead of ceding market share to growing North American production, much of the talk among blue-chip master limited partnerships (MLP) focused on their ...

By |November 5, 2015|Uncategorized|

Take a Walk on the Demand Side

Secure the contracts first, then raise the capital and start building: That’s been standard operating procedure for most North American midstream companies and master limited partnerships (MLP) since the 2007-09 financial crisis. To date, this ...

By |November 1, 2015|Feature Article|

The Upstream Cash Flow Crunch

Several fundamental headwinds will ratchet up the pressure on exploration and production companies over at least the next six to eight months. For one, the hedges that helped to insulate some upstream operators from the ...

By |October 23, 2015|Uncategorized|

A Bull Market for Brazen Forecasts

Sensationalist predictions about oil prices have become all the rage over the past two months, with an analyst at Goldman Sachs (NYSE: GS) recently highlighting the potential for West Texas Intermediate (WTI) to collapse to $20 ...

By |September 29, 2015|Uncategorized|

MLPs to Avoid

Elevated US and global oil inventories and the end of summer driving season—a period of peak demand—suggest that the price of West Texas Intermediate (WTI) and other benchmarks will come under pressure this fall, likely ...

By |September 3, 2015|Feature Article|

The Risks as We See Them

As we’ve explained in recent Alerts and issues of Energy & Income Advisor, energy-focused master limited partnerships (MLP) find themselves in the midst of a rerating process to discount slowing growth and volumetric risk. Although ...

By |September 3, 2015|Feature Article|

Timing the Cycle

In The Oil Down-Cycle: Lessons from the Past, we introduced a diagram depicting a typical cycle for energy prices, a simple but illuminating graphic for investors seeking to understand the current action in crude-oil prices ...

By |July 18, 2015|Feature Article|

Real Talk about Oil Prices

Much of the mainstream media's commentary on oil prices focuses on rationalizing moves in the near-month futures for West Texas Intermediate (WTI) that trade on the New York Mercantile Exchange (NYMEX). In late April and ...

By |July 18, 2015|Feature Article|

MLP Strategy Update

The National Association of Publicly Traded Partnerships’ (NAPTP) investor conference featured roughly the same number of attendees as the prior year, but the uncertainty facing the energy sector made this edition one of the most ...

By |June 5, 2015|Feature Article|

Ship Shape: Floating Pipelines

Given investor sentiment toward the energy sector and the potential for a rerating of midstream master limited partnerships (MLP) as growth slows, we've diversified into growth stories that don't depend entirely on US onshore oil ...

By |June 4, 2015|Feature Article|

MLP Portfolio in Review

Here are our updated takes on our MLP Portfolio holdings, based on their first-quarter results and our discussions with their management teams at the National Association for Publicly Traded Partnerships' recent investor conference. Note that ...

By |June 4, 2015|Feature Article|

These Equities Have Gas

Investors patiently waiting for natural-gas to break out of its trading range of roughly $3 to $4.50 per million British thermal units have been sorely disappointed, with the exception of a short-lived, weather-induced rally during ...

By |May 13, 2015|Feature Article|

Running with the Big Dogs

Scale can be a big advantage during down-cycles in the energy sector, as a diversified asset base can afford some protection against the worst of the pain inflicted by lower commodity prices. These names also ...

By |April 25, 2015|Feature Article|

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