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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.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Coal Producers: Exposure to Potential Retirements

Sector Analysis: 28 Jun 2018, 5:16 AM ET - As part of our continued coverage of coal producer exposure to plant retirements, we have analyzed coal plant data to determine which basins and coal producers have the greatest exposure to unplanned, but at risk, coal plant retirements.  

Transcanada: TCP Drops 29% on Distribution Cut

Worth Watching: 02 May 2018, 9:20 PM ET - Transcanada  (TRP: A3/BBB+) U.S. MLP, TC Pipelines, fell 29% on Wednesday after announcing a 35% distribution cut and is now down 53% in 2018.  The initial FERC announcement drove TCP equity down ~26%, which made equity funding unattractive, and ..

Crestwood 1Q18: Totally Committed to Being an MLP

Earnings Note: 01 May 2018, 11:14 AM ET - CEQP reported 1Q18 adjusted EBITDA of $102mn, up 12% YoY and below consensus estimates of $103mn, driven primarily by strong gathering and processing volume increases.  

Coal Producers: Most Exposed to Plant Retirements

Sector Analysis: 23 Apr 2018, 6:06 AM ET - We provide an update to our coal producers series, taking a look at exposure to upcoming coal plant retirements from both the basin and company level.  

HY Energy: Issuance on a Tear, Heading to $50 bn

Sector Analysis: 09 Oct 2017, 10:51 PM ET - High Yield Energy issuance turned in another strong quarter in 3Q17 and is now on pace to hit $50 bn for the year, the highest level since 2014.

Coal Producers: Exposure to Unplanned Retirements

Sector Analysis: 13 Sep 2017, 5:07 AM ET - For the third report in our coal producer series, we analyze coal plant data to determine which basins and coal producers have the greatest exposure to unplanned, but at risk, coal plant retirements. 

Coal: Plant Retirement Exposure by Basin & Company

Sector Analysis: 21 Aug 2017, 4:59 AM ET - As the next step in our coal producer’s series, we take a look at exposure to upcoming coal plant retirements from both the basin and company level. 

Coal Producers: Past, Present & Future Macro

Sector Analysis: 24 Jul 2017, 11:03 AM ET - This report reviews the macro drivers for the domestic coal industry, what drove the largest players into bankruptcy and what the future holds now that they have emerged from bankruptcy. 

US IG Sector Recs: A Very "In Line" April

Sector Weightings: 09 May 2017, 5:22 AM ET - After a weak March the IG index returned to positive territory, but most sectors reported excess return within +/- 5bp of the overall index. We discuss performance and update our sector recommendations. 

US IG Sector Slide Pack: April 2017

Sector Weightings: 08 May 2017, 11:18 PM ET - Our US IG Sector Slide Pack: April 2017 includes spread, return and attribution data for many of the Level 3 and Level 4 sectors of the BAML Index.  We look at both monthly and year-to-date performance. 

Sector Update March 2017 - US Energy

Sector Weightings: 10 Apr 2017, 8:15 PM ET - IG Energy underperformed the Corporate index in March, returning -19 bps of excess return to the index's -5 bps. As we continue to expect oil to trade in a wide range of $40-60/bbl, we hold our neutral, yet cautious, view on the sector.   

Sector Update February 2017 - US Energy

Sector Weightings: 12 Mar 2017, 8:09 PM ET -  The Energy sector's rate of return slowed in February and performed in line with the market. On the back of unexpected inventory builds and strong performance over the last few month, we take our rec on the sector down to Market perform.

Sector Update January 2017 - US Energy

Sector Weightings: 09 Feb 2017, 8:14 PM ET - Energy began 2017 with an outperformance versus the IG index, returning 68 bps on an excess basis vs. the index's 18 bps. With an expectation for higher commodity price levels, we see continued Outperform potential for the sector.  

Sector Updated December 2016 - US Energy

Sector Weightings: 12 Jan 2017, 9:33 PM ET - The Energy sector capped off 2016 with strong performance, benefiting from OPEC's production cut at the end of November. We have raised our 2017 oil price assumption and see current spread levels as attractive.

December 2016 Sector Recommendation Changes

Sector Recommendation Changes: 01 Jan 2017, 10:37 PM ET - Our monthly report provides executive summaries for the three Sector recommendation changes made on US Sectors during the month of December.

Sector Update November 2016 - US Energy

Sector Weightings: 08 Dec 2016, 9:50 PM ET - The Energy sector underperformed in November, but we now upgrade two of our rec to O/P.  With OPEC's commitment to production cuts and our subsequent increase in price forecast, we see scope for E&P and Pipes to outperform. 

Upcoming NY IG & HY Conferences

Announcement: 29 Nov 2016, 8:54 PM ET - Join us in New York on Tuesday, December 13, 2016 for our upcoming conferences.

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