SN - Sanchez Midstream: Thinking About The Long Term Makes This An Avoid

Risk-takers in the upstream and midstream arenas of energy continue to salivate at the prospects of Sanchez Energy (SN) and Sanchez Midstream Partners (SNMP). I’ve recommended outright avoiding the firms for quite some time, but I wanted to put out a quick note on why I just do not see the play here — even after the collapse. Like is perhaps often the case, I think investors are underestimating just how “bent over the barrel” both of these firms are by shrewd private equity partners who (correctly) positioned themselves higher up