Regency Energy Partners LP

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  • uploads///P Gems
    Company & Industry Overviews

    Energy Transfer Partners’ subsidiary interests are hidden gems

    ETP believes “significant value is embedded” within Energy Transfer Partners’ subsidiary interests in these companies.

    By Manas Chowgule, CFA
  • uploads///Natural gas production and rigs
    Macroeconomic Analysis

    Natural Gas Production Up Despite Lower Rig Count Last Week

    On a monthly basis, US dry natural gas production declined 1% in January 2015 over the previous month, according to the latest EIA data available.

    By Alex Chamberlin
  • uploads///NGL Transportation
    Company & Industry Overviews

    Liquid Transportation and Storage Was ETP’s Best Segment in 2014

    The segment’s liquids transportation volumes increased by 109,000 Bpd (or barrels per day) during 2014.

    By Kurt Gallon
  • uploads///Ownership Structure
    Company & Industry Overviews

    A Must-Know Overview of Energy Transfer Partners

    Energy Transfer Partners (ETP) is one of the largest publicly traded master limited partnerships in the US in terms of equity market capitalization.

    By Kurt Gallon
  • uploads///MLP Diversification
    Company & Industry Overviews

    Why Midstream Companies Dominate the MLP Space

    Midstream companies meet the energy infrastructure’s growing demand. They dominate the MLP space. They have a very stable income stream.

    By Kurt Gallon
  • uploads///Quarterly Revenues
    Company & Industry Overviews

    Enbridge Energy Partners: 4Q14 Revenues and Profits in Review

    Enbridge Energy Partners (EEP) released its 4Q14 financial results on February 18, 2015. Operating revenues increased 5.6% to $2.07 billion in 4Q14.

    By Alex Chamberlin
  • uploads///Corporate Structure
    Company & Industry Overviews

    Enbridge Energy Partners: Liquids, Natural Gas Midstream Player

    Enbridge Energy Partners (EEP) is an MLP that operates two business segments in the US—Liquids and Natural Gas.

    By Alex Chamberlin
  • uploads///EXLP org structure
    Company & Industry Overviews

    Exterran Partners: An Introduction

    Exterran Partners, L.P. (EXLP) is a master limited partnership and provider of natural gas contract compression services to customers in the United States.

    By Keisha Bandz
  • uploads///TLM
    Fund Managers

    Paulson & Co. adds a new stake in Talisman Energy

    Talisman Energy is a global upstream oil and gas company headquartered in Canada. Revenue plunged to $44 million, down from $929 million in 2013.

    By Samantha Nielson
  • uploads///ETE dist
    Earnings Report

    Energy Transfer Equity: Why should you invest?

    ETE announced a cash distribution of $0.45 per unit or $1.80 per unit annualized. This represents an increase of ~30% as compared to a year ago. This is the ninth consecutive quarterly increase.

    By Keisha Bandz
  • uploads///integrated model
    Earnings Report

    The Regency–Energy Transfer merger: Compelling reasons

    Pro forma for the merger, Energy Transfer Partners (ETP) will become the second-largest MLP, after Enterprise Product Partners (EPD).

    By Keisha Bandz
  • uploads///RGP ETP overlap
    Miscellaneous

    Why some overlap could trigger an antitrust review

    Typically, what the first step merger arbs will do to get a handle on the antitrust is to look at the 10-Ks of each company.

    By Brent Nyitray, CFA, MBA
  • uploads///RGP ETP map
    Miscellaneous

    Parsing the material adverse change clause

    The ETP–RGP deal and the MAC clause The MAC (material adverse change) clause is one of the first things that arbs look at. For the deal between Energy Transfer Partners (ETP) and Regency Energy Partners (RGP), the MAC clause lays out the circumstances under which ETP can back out of its deal with RGP. Let’s take […]

    By Brent Nyitray, CFA, MBA
  • uploads///RGP ETP ETP basics
    Earnings Report

    Background on Energy Transfer Partners

    Energy Transfer Partners owns natural gas transportation pipelines that receive natural gas from other mainline pipelines and gathering systems.

    By Brent Nyitray, CFA, MBA
  • uploads///RGP ETP timeline
    Miscellaneous

    RGP and ETP merger basics

    This article covers what you should know about the RGP and ETP merger.

    By Brent Nyitray, CFA, MBA
  • uploads///RGP ETP spread
    Miscellaneous

    Regency Energy Partners–Energy Transfer Partners merger arbitrage

    In merger arbitrage, the acquiring company generally buys the acquired company’s stocks and short sells them.

    By Brent Nyitray, CFA, MBA
  • uploads///RGP Asset map
    Miscellaneous

    Energy Transfer and Regency Energy to enter MLP winner’s circle

    The acquisition of Regency Partners will bring operational and geographic diversity to Energy Transfer Partners, among other things.

    By Alex Chamberlin
  • uploads///ETP RGP Merger
    Miscellaneous

    Energy Transfer acquires Regency Energy Partners for $18 billion

    On January 26, a Energy Transfer Partners (ETP) unit lost ~6.4%. A Regency Energy Partners (RGP) unit, meanwhile, gained ~5% to finish at $24.93.

    By Alex Chamberlin
  • uploads///Returns
    Miscellaneous

    Midstream companies withstand falling energy prices, for now

    Companies in the midstream sector don’t have direct exposure to falling energy prices. At least, not in the immediate term.

    By Alex Chamberlin
  • uploads///P BroadComp
    Company & Industry Overviews

    Energy Transfer Partners (ETP) stands out by trading at a discount

    Energy Transfer Partners stands out for trading at a discount to its peers and very close to the broad market.

    By Manas Chowgule, CFA
  • uploads///EXLP org structure
    Company & Industry Overviews

    Must-know: An introduction to Exterran Partners

    EXLP is the largest contract compression provider, with 2.9 million operating horsepower. Of this, ~170,000 operating horsepower was part of its organic growth.

    By Keisha Bandz
  • uploads///Gathering Processing Permian Region
    Energy & Utilities

    Overview: Regency’s growth projects in 2014

    For the full year of 2014, Regency announced growth capex expenditures of $1.2 billion.

    By Keisha Bandz
  • uploads///ETEs earnings
    Energy & Utilities

    A key overview of Energy Transfer Equity’s earnings

    Energy Transfer Equity (ETE) reported its earnings for the second quarter on August 6. ETE reported revenue of $14 billion for the quarter—compared to the Wall Street analysts’ estimate of $13 billion. Revenues were up 17% year-over-year (or YoY). Net income for the quarter was $164 million—29% higher YoY. The distributable cash flow (or DCF) for the quarter was $218 million.

    By Keisha Bandz
  • uploads///PVR Acquisition Significant Highlights
    Energy & Utilities

    Overview: Regency’s recent acquisitions

    On March 21, Regency closed its acquisition with PVR Partners. The combination creates a fully integrated midstream partnership platform by further expanding Regency’s position in the Appalachia Basin.

    By Keisha Bandz
  • uploads///Regencys Asset Map
    Energy & Utilities

    Overview: Regency Energy Partners

    Regency Energy Partners L.P. (RGP) is a midstream operator of natural gas pipelines, gathering systems, and processing facilities.

    By Keisha Bandz
  • uploads///MMPs Presence in the Permian Basin
    Energy & Utilities

    Why the Permian Basin is a key focus for Magellan Midstream Partners

    Magellan Midstream Partners (MMP) has made significant investments in pipelines in the Permian region to deliver crude oil from the Permian Basin in west Texas to markets along the U.S. Gulf Coast.

    By Keisha Bandz
  • uploads///Regencys Marcellus Segment
    Energy & Utilities

    Regency’s PVR Midstream acquisition means Marcellus Shale exposure

    Regency recently acquired a foothold in the Marcellus by buying PVR Partners LP in March this year in a deal worth $5.6 billion, specifically to boost its footprint in the Appalachian Basin.

    By Keisha Bandz
  • uploads///RGPs Distribution Growth
    Energy & Utilities

    Growth oriented acquisitions: Good for RGP’s distribution growth

    On April 28, Regency announced a cash distribution of 48 cents or $0.48 per outstanding common unit for the first quarter ended March 31, 2014.

    By Keisha Bandz
  • uploads///g
    Energy & Utilities

    Why Regency is an important deal for Eagle Rock Energy Partners

    In late December 2013, Eagle Rock entered into an agreement with Regency Energy Partners (RGP), announcing that it will sell its midstream business to RGP for $1.3 billion.

    By Keisha Bandz
  • Energy & Utilities

    Why the pace of natural gas production remains steady

    Despite the lower natural gas prices, natural gas production growth has remained steady over the past few years. According to the EIA, in 2013, total U.S. natural gas production increased by 1%.

    By Keisha Bandz
  • uploads///Future Projects
    Energy & Utilities

    Ethane demand: A must-know overview of the current market trends

    While ethane supply grew, the demand for ethane could not keep pace. This caused the ethane prices to drop.

    By Alex Chamberlin
  • uploads///Ethnae price since Jan
    Energy & Utilities

    What is ethane and why is it important for energy companies?

    This series will discuss how ethane is important across the energy chain–from upstream and midstream to downstream energy companies.

    By Alex Chamberlin
  • uploads///
    Energy & Utilities

    Key points from Enterprise Products Partners’ analyst day meeting

    Enterprise Products Partners (EPD) is one of the largest master limited partnerships operating in the midstream energy space.

    By Alex Chamberlin
  • uploads///
    Energy & Utilities

    Cheap ethane affects profits and growth for some upstream MLPs

    Ethane prices dropped because while ethane supply grew, mostly from increased natural gas drilling with a significant natural gas liquids component, demand for ethane could not keep pace.

    By Ingrid Pan
  • uploads///Natural Gas GandP
    Energy & Utilities

    Why natural gas gathering and processing are important for MLPs

    Natural gas gathering and processing is a significant part of the operations of many midstream master limited partnerships.

    By Ingrid Pan
  • uploads///CHK Haynesville vs Marcellus
    Energy & Utilities

    Why Chesapeake’s drilling plans may have surprised some investors

    One thing that did surprise some investors was Chesapeake’s decision to intensify its activity in the dry gas play of the Haynesville Shale.

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    Open capital markets mean easy access to funds for acquisitions

    Access to funds An important factor in the frenzy of M&A (mergers and acquisitions) activity in the midstream MLP space has been the ease of access to funds. Master limited partnerships (MLPs) generally don’t keep much cash on their balance sheet, as with the MLP structure, the majority of excess cash flow is paid out […]

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    Must-know: Why is Regency’s acquisition of PVR Energy important?

    Gas prices may be low now, but long-term gas drilling is here to stay in North America Currently, natural gas prices are relatively depressed, and short-term natural gas drilling activity on the whole doesn’t appear to be rising (see Why natural gas rigs aren’t likely to rise much through year-end). However, Regency’s purchase of PVR […]

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    Must-know: Key risks of Regency’s PVR Partners acquisition

    Risks to PVR Partners The main risk to PVR Partners unitholders would be that the transaction doesn’t go through, as Regency purchased PVR for a significant premium (~25%), and if the transaction were in jeopardy or canceled, PVR shares would likely fall. The completion of the transaction is subject to a vote by PVR unitholders […]

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    Important benefits of Regency’s PVR Partners acquisition

    PVR’s asset footprint complements Regency’s Regency management stated that PVR’s assets complemented Regency’s existing portfolio. While Regency’s existing assets are concentrated in the Eagle Ford (South Texas), the Permian (West Texas), and the Haynesville or Cotton Valley (North Louisiana), PVR’s assets are primarily in the Marcellus (Appalachia) and Granite Wash or Mississippi Lime (Midcontinent, Oklahoma, […]

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    Acquisition analysis: Key factors of PVR’s operation and location

    PVR’s operations and the acquisition PVR’s operations fall into three divisions. Eastern Midstream Midcontinent Midstream Coal and Natural Resource Management The Eastern Midstream division comprises a natural gas trunkline and gathering assets in the Appalachia region, with exposure to the Marcellus Shale, and potential upside to the Utica Shale. PVR notes that the revenues it […]

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    Overview: Regency Energy’s Acquisition of PVR Partners

    Regency Energy recently agreed to buy PVR Partners for a total transaction value of $5.6 billion. Learn about the transaction, what it signals, and potential risks.

    By Ingrid Pan
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