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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. 

Boardwalk 3Q18: EBITDA Falls on Contract Renewals

Earnings Note: 06 Nov 2018, 9:11 AM ET - Boardwalk reported 3Q18 EBITDA of $169mn, down 12% YoY, driven by contract expirations and contract renewals at lower rates, as well as lower earnings from Storage, Parking and Lending. 

Nustar 3Q18: Guidance Up on PDVSA Settlement

Earnings Note: 05 Nov 2018, 11:23 AM ET - NuStar reported 3Q18 adjusted EBITDA of ~$182mn, up 17% YoY and above consensus estimates of $156mn, driven primarily by strong growth from their Permian gathering acquisition that closed 2Q17.   

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