Energy Transfer’s (ET) Mariner East system transports Marcellus and Utica NGLs (natural gas liquids) to Pennsylvania, where they are processed and transported to markets.
With the halting of permit review for Energy Transfer’s (ET) projects by the Pennsylvania Department of Environmental Protection, pipeline controversies have once again caught midstream investors’ attention.
TransCanada’s (TRP) Leach XPress project was placed in service on January 1. On January 2, the company announced that the FERC (Federal Energy Regulatory Commission) had issued a “public convenience and necessity” certificate…
The First Trust North American Energy Infrastructure Fund (EMLP) generated total returns of 42% over a five-year period, the highest among the top five MLP ETFs that we are discussing in this series.
On November 20, the Nebraska Public Service Commission approved TransCanada’s (TRP) Keystone XL Pipeline project. The pipeline would transport oil from Alberta’s oil sands reserves to Nebraska.
Earnings in 3Q17 TC PipeLines (TCP), TransCanada’s (TRP) midstream MLP subsidiary, posted flat earnings in 3Q17. The partnership reported adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) of $103 million, which represents a marginal 1.0% rise from 3Q16. Moreover, the partnership missed its EBITDA estimate by 7.5%. The slight increase in its adjusted EBITDA was […]
On August 15, North Dakota regulators granted ETP’s request to postpone hearings on its alleged violation of state rules with its Dakota Access Pipeline.
Williams Companies (WMB) was trading at an EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) multiple of 12.8x on June 29.…
Williams Companies (WMB) has recovered slightly following last week’s plunge due to the general weakness in the midstream sector amid weakness in crude oil prices.
Williams Companies’ EV-to-adjusted EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) ratio using a trailing-12-month adjusted EBITDA is 12.6x.
Biggest MLP losers of February 2017 CVR Partners (UAN), the MLP formed by CVR Energy (CVI) to own and operate its nitrogen fertilizer business, was the worst performing MLP last month. The huge decline in UAN’s stock price can be mainly attributed to its weak 4Q16 earnings. UAN’s 4Q16 earnings were negatively impacted by lower […]
On February 8, the US Army stated that it would provide the easement to the Dakota Access Pipeline to drill under Lake Oahe. This action followed President Trump’s executive order to expedite the review and approval process for DAPL.
TC PipeLines’ (TCP) 3Q16 distribution per unit of $0.94 didn’t change from its 2Q16 distribution. It rose 6% from its 3Q15 per unit distribution of $0.89.
On March 17, TransCanada announced the acquisition of Columbia Pipeline Group in an all-cash deal. TransCanada will pay $25.5 per Columbia Pipeline Group share.
The U.S. Energy Information Administration reported that Cushing crude oil stocks rose by 36,000 barrels to 65 MMbbls for the week ending February 12, 2016.
Magnetar raised its stake in Williams Companies during the fourth quarter by purchasing 1.5 million shares. It represents 2.59% of the fund’s 4Q14 portfolio.
In 4Q14, Magnetar Capital added to its position in TransCanada by purchasing 2.6 million shares. It accounts for 6.68% of the fund’s fourth quarter portfolio.
In 4Q14, Magnetar Capital increased its position in Alibaba (BABA) by purchasing 1.7 million shares. Currently, the position accounts for 7.6% of the fund’s portfolio.
The decline in Cushing inventory levels in 2014 was mostly a result of new infrastructure coming online, which enabled more crude to move out of Cushing.
As new infrastructure came online, inventories at Cushing had been on a declining trend for the better part of 2014. This enabled more crude to move out of Cushing.
From 4Q13 to 4Q14, EBITDA jumped for Spectra Energy Partners and the Western Canada Transmission & Processing segments. But, Field Services recorded a loss.
Housing bubbles are primarily fueled by rising house prices. When prices reach a point above the equilibrium level, the market is in a state of overvaluation.
As new pipelines helped drain crude from Cushing inventories—mostly in the latter part of 2014—new pipelines also brought more crude to replenish them.
Unlike total US crude stocks, crude stocks at Cushing increased for the fifth consecutive week by 1.3 MMbbls to ~32.1 MMbbls in the week ended January 2.
Magnetar started a new position in BABA in 3Q14. The position accounts for 4.05% of the fund’s total portfolio in the third quarter. BABA is the largest e-commerce player in China.
Crude stocks at Cushing decreased by 694,000 barrels to ~23.9 MMbbls in the week ending November 28. This is the first decrease since the refinery maintenance season ended.
Cushing, Oklahoma, is the delivery point for NYMEX crude futures contracts. It’s where a lot of supply sources of crude meet a lot of demand sources for that crude.
As new pipelines come online to bring more crude from Canada and the Bakken in North Dakota to Cushing, the downward trend in inventories may not persist.
Crude stocks at Cushing, Oklahoma, decreased by 1.58 MMbbls (million barrels) to 18.9 mmbbls in the week ended October 3. Cushing, Oklahoma is an important hub where West Texas Intermediate (or WTI) crude oil is priced.
Increase in crude inventories is likely the result of declining refinery input demand—which decreased by 525,000 bpd—as refineries enter seasonal maintenance to prepare for the upcoming winter.
The Keystone XL Pipeline project is a proposed 1,179-mile pipeline. It begins in Alberta, Canada and extends south to join the existing Keystone Pipeline in Steele City, Nebraska.
TransCanada Corp’s (TRP) growth strategy includes a $38 billion capital program. The $38 billion capital program includes $12 billion in small to medium-sized projects and $26 billion in large scale projects.
TC PipeLines LP (TCP) is a master limited partnership (or MLP) that owns or has ownership in six interstate natural gas pipelines. TransCanada Corp. (TRP) owns ~28.9% equity interest in TCP.
TransCanada Corporation (TRP) is based in Canada. It’s one of North America’s leading natural gas pipeline network owners. TransCanada also provides natural gas storage services.
TransCanada Corp. (TRP) is an energy infrastructure company. It owns a network of natural gas and crude pipelines across North America. TransCanada also provides natural gas storage.
In 2013, TCP’s Northern Border pipeline delivered steady results despite its lower rates, which were instituted on January 1, 2013. Demand for its service has remained strong.
