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Originally published on April 20, 2020 With benchmark West Texas Intermediate oil prices hovering around $22 per barrel 1 for the June contract and regional prices even lower, netbacks for producers are admittedly dismal, making the current outlook for US oil production tenuous. Headlines...
When a sell-off occurs, the question on everyone’s mind turns to when things will recover. Tuesday’s research note addressed this question by looking at past drawdowns and recoveries, while today’s note takes another approach using oil price projections. Of course, no on...
While Alerian's research has almost exclusively focused on midstream energy infrastructure, today's note takes a broader look at infrastructure, comparing global listed infrastructure with energy infrastructure in terms of investment characteristics and recent performance. What does global l...
Originally published on April 11, 2020 By Brian Watson, CFA, Senior Portfolio Manager The midstream sector takes proactive steps to weather the recent volatility. March MLP performance reflected the unprecedented combination of significant and abrupt crude oil demand dest...
Past performance does not mean anything for future performance as practically every piece of financial collateral will remind you. However, it can be informative to look at historical MLP sell-offs to get a sense for how the space has recovered in the past. Today's note examines the forward th...
March was a historically tough month for midstream given the start of an oil price war and continued coronavirus uncertainty that together have lowered equity valuations in the space. While uncertainty remains, investors may be seeking further clarity on midstream investment considerations, in...
Originally published on 04/03/20 Given the staggering 58.5% year-to-date drop in oil prices to $25.32 per barrel (bbl) as of yesterday, investors have begun to compare the current energy environment to the downturn from 2014 to 2016. For context, additional supply from OPEC drove WTI crude...
Credit Suisse is cutting valuations of energy midstream companies for a second time after E&Ps updated their outlooks and the spread of coronavirus crushes demand. More news on: Plains All American Pipeline, L.P., Plains GP Holdings, L.P., DCP Midstream, LP, Energy stocks news, Notable...
In recent weeks, we have discussed the stability of MLP/midstream cash flows at length by highlighting their underlying fee-based contracts with built-in protections ( read more ). Protections for the pipeline provider include minimum volume commitments (MVCs), which are intended precisely for...
Storage tends to be a ho-hum business, until it isn’t. With oil demand diving, plentiful production, and the oil futures curve in steep contango, storage has become a hot topic. Of course, many midstream companies own and operate storage capacity. Today, we will briefly discuss the impl...
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JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) and JPMorgan Chase Financial Company LLC (“JPMorgan Financial”) announced today the results of JPMorgan Financial’s offer to exchange (the “Exchange Offer”) its Alerian MLP Ind...
JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) and JPMorgan Chase Financial Company LLC (“JPMorgan Financial”) announced today that they have extended the expiration date for JPMorgan Financial’s previously announced offer to exchange (t...
JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) and JPMorgan Chase Financial Company LLC (“JPMorgan Financial”) announced today that they have filed a registration statement on Form S-4 (the “Registration Statement”) to register JP...