KEYUF - Midstream/MLP Q2 2020 Dividends/Distributions Hold Steady
For midstream, 1Q20 dividends (those paid in 2Q20) were being announced at the height of macro energy headwinds in April when the demand impact from COVID-19 was most severe. Many energy infrastructure companies chose to reduce their payouts to prioritize financial flexibility and conserve cash in an unprecedented and uncertain environment. Altogether, twenty midstream names cut their 1Q20 dividends or distributions, though these tended to be smaller names by market capitalization. The larger companies mostly stood pat given a more diversified asset base, stronger financial positioning, and other factors that left them better positioned to