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Cheniere Energy

Cheniere has the first mover advantage in exporting U.S. gas as LNG. The company is developing liquefaction and export capacity at its Sabine Pass LNG import terminal. Additionally, CQP is building a two train LNG export terminal at Corpus Christi. Sabine bonds are under the CQP ticker as CQP is the publicly traded MLP that owns Sabine Pass. LNG is the C-corp that owns 21% of CQP as well as 83% of CQH, which owns another 56% of CQP. The Corpus bonds are on Bloomberg under the ticker CHCOCH. 36 countries can take LNG currently and of the 110 cargoes Cheniere has exported they have gone to 19 of them. One quarter of Cheniere exports have gone to floating regas terminals. (29 Aug 2017)

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Cheniere: New Sabine Pass Contract with Petronas

Worth Watching: 18 Dec 2018, 10:45 AM ET - Cheniere announced a new 20-year sale-and-purchase agreement with Petronas for Sabine Pass Train 6 that accounts for ~28% of the contracted capacity necessary to reach FID. This assumes Cheniere will contract 85% of Train 6 before moving the pr ..

TransCanada: $465mn Gas Plant Sale to Fund Capex

Worth Watching: 18 Dec 2018, 10:45 AM ET - TransCanada (TRP: A3/BBB+) announced the sale of its Coolidge Generating Station to Southwest Generation Operating Company for $465mn (C$623mn) with the proceeds expected to be used to fund growth capex. The 575MW gas plant peaker in AZ is bac ..

Spotlight on Sabine Pass: Reiterate Outperform

Company Analysis: 17 Dec 2018, 5:41 AM ET - We reiterate out Outperform recommendation for Sabine Pass as Charles Johnston assumes coverage.  Sabine has issued $13.65bn of bonds to fund the construction of LNG exports.  

Oil & Gas: HY E&P 2019 Hedging Outlook

Sector Outlook: 14 Dec 2018, 5:51 AM ET - We are following up on our recent updates to cash flow expectations, liquidity and maturity outlooks, and external funding options for our High Yield E&P coverage group with a comprehensive 2019 hedging analysis.

EQM: $4.6bn Mtn Valley Pipeline 70% Complete

Worth Watching: 13 Dec 2018, 8:49 AM ET - EQM (EQM:Ba1/BBB-) announced that the delayed Mountain Valley Pipeline will be 70% complete by year-end, reaffirming the $4.6bn project cost and the 4Q19 in-service date. This includes welding for 58% of the pipeline and construction work will ..

Enbridge: Analyst Day – EEP/SEP Cross Guarantees

Company Analysis: 12 Dec 2018, 5:50 AM ET - Enbridge hosted their annual analyst day in NYC to review the segment outlooks, capex needs and funding plans. Enbridge is the largest energy infrastructure company in North America with a C$140 bn EV and C$52 bn of bonds outstanding.

Enbridge: C$331mn Gas Utility Sale

Worth Watching: 05 Dec 2018, 5:19 PM ET - Enbridge (ENB: Baa3/BBB+) announced the sale of their New Brunswick gas utility to Algonquin Power and Utilities Corp for C$331mn.  It's a smaller sale for ENB, but continues their trend of selling non-core assets as part of their transition t ..

Kinder: 2019 Financial Outlook

Worth Watching: 03 Dec 2018, 8:57 PM ET - Kinder (KMI:Baa3/BBB-) released their financial outlook for 2019, including adjusted EBITDA of $7.8bn, up 4% YoY and above consensus estimates of $7.65bn.  KMI will increase the dividend by 25% in 2019, but cash flows will fund the dividend an ..

EQM: Calling EQGP and $4.8bn IDR Buyout

Worth Watching: 30 Nov 2018, 2:32 PM ET - EQM Midstream (EQM: Ba1/BBB-/BBB-) has received a proposal from the newly spunoff Equitrans Midstream Corporation (ETRN) to buyout its IDRs, which is also acquiring the unowned interest in EQGP to simplify the corporate structure. We expected a ..

Williams: Selling G&P for $500mn to Aid Leverage?

Worth Watching: 29 Nov 2018, 12:07 PM ET - Williams (WMB: Baa3/BBB) is marketing their ownership in the Jackalope gas gathering and processing system for more than $500mn, according to Bloomberg. During their third quarter call, management said they were "dead serious and very anxious" ..

Oil & Gas: HY E&P Cash Flows at $50/bbl Oil

Sector Analysis: 28 Nov 2018, 4:10 AM ET - We now see HY E&P 2019 cash flows coming in 24% lower than previously expected at our new $50/WTI price deck ($65/WTI old).  We expect to see a mix of capex cuts, divestitures and incremental borrowings next year.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

Oneok: Enters Unsecured $1.5bn Term Loan

Worth Watching: 19 Nov 2018, 9:26 PM ET - Oneok (OKE: Baa3/BBB) announced they have entered into a three-year $1.5bn term loan to repay existing debt and fund capex. In January, OKE repaid the remaining $500mn balance on their $1bn 2019 term loan that they entered into in early 2016 to ..

Pipeline MLPs: 3Q18 Retained Cash Flows

Sector Analysis: 19 Nov 2018, 5:35 AM ET - Our retained cash flow calculations are key drivers of credit quality since they cannot be manipulated like the traditional payout ratio based on distributable cash flow.

Enbridge: Reducing Subordination with Exchange

Worth Watching: 14 Nov 2018, 10:27 PM ET - Enbridge (ENB: Baa3/BBB+) announced a proposal to exchange ENF bonds for ENB bonds to further simplify their corporate structure and reduce subordination a week after closing the ENF acquisition.  The new ENB notes would have the same terms as ..

TransCanada: Analyst Day Takeaways

Company Analysis: 14 Nov 2018, 4:17 AM ET - TransCanada hosted their annual analyst day to provide details on their financial outlook, how they are funding the C$36bn capex program and review segment outlooks.  

Targa 3Q18: Increases EBITDA Outlook Through 2021

Earnings Note: 13 Nov 2018, 4:12 AM ET - Targa reported 3Q18 adjusted EBITDA of $358 mn, up 29% YoY and above consensus estimates of $342 mn, driven by increased NGL, gas and crude sales, higher NGL and crude prices and growth in fee-based processing volumes. 

TransCanada: Judge Blocks $8bn Keystone XL Pipe

Worth Watching: 12 Nov 2018, 8:53 PM ET - TransCanada  (TRP: A3/BBB+) saw another setback on their 11-year old Keystone XL pipeline project as a Federal judge has blocked construction and ordered a new review.  Judge Brian Morris of the U.S. District Court in Montana noted the State De ..

Plains 3Q18: Beats/Raises on S&L; Won’t Last in 20

Earnings Note: 06 Nov 2018, 10:11 PM ET - Plains reported 3Q18 adjusted EBITDA of $636mn, up 30% YoY and above consensus estimates of $565mn, driven by Permian and Western Canada differentials driving a $125mn improvement in S&L, as well as strong volume increases.

DCP 3Q18: Very Confident Prop 112 Won’t Pass

Earnings Note: 06 Nov 2018, 12:11 PM ET - DCP reported 3Q18 adjusted EBITDA of $309mn, up 12% YoY and above consensus estimates of $284mn, driven by stronger commodity prices, increased DJ and Eagle Ford G&P volumes and higher NGL pipeline volumes. 

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