AMUB - Insights At A Glance: Highlighting MLP/Midstream's Fee-Based Exposure In Today's Tough Tape

In addition to updated financial guidance, midstream companies have also provided more disclosure around the nature of their cash flows. Specifically, there has been increased commentary around counterparties, minimum volume commitments, and the portion of cash flows coming from fees. While more updates are likely to come, today’s piece provides these data points by midstream company, drawing from annual reports and recent updates.

Alerian has often pointed to the defensive nature of midstream (example) given its fee-based businesses, which should help insulate companies from sharp moves in commodity prices.