Tesoro Logistics LP
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US Distillate Inventories Were Down Less than Expected Last Week
The EIA reported that US distillate inventories fell by 0.3 MMbbls to 151.6 MMbbls in the week ending September 25.
Targa Resources Partners: Top Midstream Loser on July 30
Targa Resources Partners (NGLS) was the top loser among midstream MLPs at the end of trading on Thursday, July 30. It fell 4.13% yesterday.
Why smaller oil and gas firms are foraying into high yield debt
High yield debt markets saw $6 billion worth of new supply issued across 12 transactions in the week ending October 24.
Acquired Assets Drove Holly Energy Partners’ 4Q15 Earnings Growth
Holly Energy Partners reported its 4Q15 results on February 23, 2016. Its adjusted EBITDA for 4Q15 was $67.4 million, 28% higher than its 4Q14 EBITDA.
US Gulf Coast 3:2:1 Crack Spread Rose 25% Last Week
The benchmark US Gulf Coast 3:2:1 crack spread rose ~25% last week. It hit $13.115 per barrel on Friday, September 25
Should You Include Tesoro Logistics in Your Portfolio?
Of the analysts surveyed by Bloomberg, 80% rated Tesoro Logistics as a “buy,” and 20% rated it as a “hold.” No analysts rated it as a “sell.”
Why Did Gasoline Inventories Fall at the End of June?
Gasoline production increased from 9.93 million barrels per day (or MMbpd) in the week of June 19 to 10.04 MMbpd in the week ended June 26.
US Gasoline Inventories Surprise Markets: WTI Crude Takes a Hit
The EIA (U.S. Energy Information Administration) reported that US gasoline inventories increased by 1.7 million barrels (or MMbbls) to 214.4 MMbbls in the week ended August 21.
Gasoline Prices Continue their Uptrend the Week of May 8
For the summer of 2015, the EIA expects consumption to average 9.2 MMbpd, which is 0.14 MMbpd higher than last summer’s consumption.
US Gasoline Inventories Supported WTI Prices Week Ended October 16
The EIA reported that US gasoline inventories decreased by 1.5 MMbbls (million barrels) to 219.8 MMbbls in the week ended October 16.
Diesel Prices Decline for a 2nd Week: Good for the Economy
US on-highway diesel fuel prices averaged $2.884 per gallon this Monday, June 8. That’s ~26% lower than they were a year ago.
US Gasoline Inventories Could Spill Outside the 5-Year Range
The EIA reported that US gasoline inventories increased by 3.3 MMbbls to 222 MMbbls in the week ending September 25.
What Drove Diesel Prices Higher the Week Ended September 4?
Prompt New York Harbor ultra-low-sulfur diesel futures traded on the NYMEX closed ~2.4% higher on a weekly basis at ~$1.62 per gallon in the week ended September 4.
Why Tesoro’s crude oil gathering and pipeline segment is positive
Tesoro Logistics’ (TLLP) operations are organized into the Crude Oil Gathering segment and the Terminalling and Transportation segment.
Analyzing the Best Performing Midstream MLPs on June 25
The best performing midstream MLP on Thursday, June 25 was Western Gas Partners (WES). It rose 0.5% yesterday. However, it’s close to its 52-week low.
Why the MLPJ ETF shows tracking error versus its benchmark index
The effect of sampling—the difference in the holdings between MLPJ and its benchmark index—is another cause of the tracking error.
What Caused a ~6% Drop in Gasoline Prices Last Week?
Gasoline prices loosely track changes in crude oil prices (USO), usually Brent crude oil prices, the international benchmark.
Diesel Prices Rose Again on May 11
The EIA expects US distillate consumption this summer to average 4 million barrels per day, up 3% compared with last summer.
Diesel Prices Increased: EIA Provides Bullish Consumption Outlook
On April 20, US On-Highway Diesel Fuel Prices were $2.78 per gallon. This represented an increase of ~1% from $2.754 per gallon last Monday, April 13.
Tesoro Corporation: The quintessential American independent refiner
Tesoro (TSO) operates six refineries spread mainly across the western United States, with a combined capacity to process ~850,000 barrels of crude per day (or bpd).
Phillips 66 Partners to Report 1Q15 Earnings on April 30
Phillips 66 Partners (PSXP) is scheduled to release its 1Q15 earnings on April 30. Its stock price was $71.57 as of April 24.
Why US Gasoline Prices Fell Last Week
US gasoline prices fell on Monday on concerns that there will be a gasoline glut as the busy summer driving season winds down. Prices fell to their lowest in eight months.
Why MLP and 10-Year Treasury Yields Converged Last Week
US ten-year Treasury yields rose to close at 2.1% on October 9. They traded at a yield of 2% at the end of the previous week.
How Midstream Stocks Impacted Their Implied Volatilities
In the past week, EnLink Midstream (ENLC) fell the most. On May 2, 2017, it reported negative 1Q17 diluted earnings of $0.01 per common share.
US Distillate Inventories Down for 7th Consecutive Week
US distillate inventories fell by 1.3 MMbbls to 140.8 MMbbls in the week ended October 30, 2015. Inventories have now been falling seven weeks in a row.
EPD Gained 4.24%, Moved above Its 100-Day Moving Average
Enterprise Products Partners (EPD) closed 2.64% above its 100-day moving average at $25.10 on March 7. The stock crossed its 20-day moving average on February 17.
Why Tesoro’s Los Angeles logistics acquisition is driving growth
In December 2013, Tesoro Logistics closed its acquisition of Los Angeles logistics assets owned by Tesoro Corp’s (TSO) subsidiary, Tesoro Refining and Marketing Company LLC.
CSI Compressco Was the Top MLP Loser Last Week
CSI Compressco (CCLP), the MLP mainly involved in natural gas compression, was the highest MLP loser in the week ending November 3, 2017.
Net Fund Flows in AMLP Were Negative Last Week
The net fund flows in the Alerian MLP ETF (AMLP), an ETF that consists of top energy MLPs, were -$66.8 million for the week ended June 9, 2017.
74% of Analysts Call Tesoro Logistics a ‘Buy’
On June 2, 2017, Barclays resumed its coverage of Tesoro Logistics (TLLP) with an “overweight” rating. Barclays has given TLLP a target price of $65.
Why Is Enbridge Energy Partners’ Implied Volatility Elevated?
On January 27, Enbridge Energy Partners announced its financial outlook and strategic update. Its implied volatility rose 34.5%, while its stock fell 17.6%.
Tesoro Logistics Expects 12%–15% Distribution Growth for 2017
Tesoro Logistics (TLLP) expects its distributions to grow 12%–15% for 2017.
Why Tesoro Logistics Raised Capital in 2Q16
On July 1, 2016, TLLP announced the acquisition of storage and terminaling assets from Tesoro Corporation (TSO) for $444 million.
What Is PSXP’s Annual Distribution Growth Goal?
Phillips 66 Partners’ (PSXP) capital expenditure in 1Q16 was $57 million compared to $32.9 million during the same period in 2015.
US Crude-by-Rail Movements Keep Falling: MLP Impact
The decline in crude oil movements by rail negatively impacts midstream MLPs.
How Does Phillips 66 Partners Compare to Its Peers?
Over the next two years, Phillips 66 Partners is expected to have compound distribution growth of 26%.
Tesoro Logistics Posts Strong 1Q16 Data: How Did Its Stock React?
Of the analysts surveyed by Bloomberg, 75% rated Tesoro Logistics (TLLP) a “buy,” while 25% rated it a “hold.”
Will Diesel Prices Recover in the Near Future?
On Monday, December 14, 2015, the EIA’s weekly gasoline and diesel fuel price updates showed that diesel fuel prices averaged $2.33 per gallon on the day.
US Gasoline Prices Recovered after Falling to 6-Year Low
US gasoline prices mirrored crude oil prices and began falling early last week. They fell to their lowest in six years on Monday.
MLP Yields and 10-Year Treasury Yields Diverged Last Week
The Alerian MLP ETF (AMLP) traded at a yield of 9.05% as the week ended September 25 wrapped up. The yield rose significantly during the week from 8.50%…
What Drove Rice Midstream’s Revenue since Its IPO?
Rice Midstream is a midstream MLP that provides natural gas gathering and compression services to natural gas producers in the Marcellus Shale.
July 31 Week: Movement in Crude Oil Inventories Impacts MLPs
According to the data released on August 5, US crude oil inventories fell 0.96% for the week ending July 31—compared to the previous week.
Gasoline Inventories Rise in June 12 Week: More Bad News for WTI
The EIA reported that gasoline inventories rose by 0.5 MMbbls to 217.8 MMbbls in the week to June 12. Analysts expected inventories to fall by 800,000 barrels.
Gasoline Inventories Offer Some Support to Crude Oil Prices
The EIA reported that gasoline inventories decreased by 0.3 MMbbls to ~220.3 MMbbls in the week to May 29. This is bullish for gasoline prices.
Gasoline Inventories Returned to Downtrend Last Week
Gasoline demand increased from ~8.61 MMbpd to ~8.91 MMbpd last week. Gasoline inventories remain outside the five-year range despite the draw in inventories reported on Wednesday.
Distillate Inventories Increased Last Week
Distillate demand drives crude demand and crude prices. So, energy investors watch distillate inventories closely.
Gasoline Prices Increase in the Week to April 20
US regular gasoline prices on Monday, April 20, were $2.485 per gallon. This was an increase of 3.2% from $2.408 per gallon last Monday, April 13.
Ups and Downs: Analyzing MPLX’s Stock Performance
MPLX stock initially declined in September 2014. This is the starting point that we took for the comparison. It’s also when oil prices started declining rapidly.
A key analysis of Tesoro’s enterprise value
Tesoro’s EV has grown ~28% to ~$10.5 billion at the end of 3Q14 from the end of 2007. It has been managing its debt levels very well in the context of its capital and overall size.
Tesoro’s cash flow from financing activities
Tesoro’s activities at the cash flow from financing level have been both a source and a destination for Tesoro’s cash over the years.
An overview of Tesoro’s capex and cash flow from investments
Over the last seven years, Tesoro’s capex saw a pattern that reflects the fortunes of the sector. Tesoro also made acquisitions that required it to spend well in excess of its CFO.
An essential analysis of Tesoro’s assets, liabilities, and equity
Tesoro’s assets increased ~65% from 2007 to 2013, driven by a massive $1.2-billion build in its cash reserves. Current assets doubled, and long-term assets took a ~46% bump.
Why investors should know the best and worst MLP performers
As expected, the midstream MLP sector presents our first positive showing in our analysis of the energy industry. TCP increased ~43% in the five months under review.
