Our Research

Within we provide a performance summary of 1) Our model portfolio (based on survey results for our 2H’23 Outlook; Link); and 2) Our recent Trade Ideas.  We closed out O/W KMI (+optional WMB/TRPG) vs. U/W TRP &…

On the heels of ET’s proposed acquisition of CEQP announced yesterday (link), within we are re-circulating some of our previous thematic pieces on Energy Sector M&A/ Strategic Initiatives. With respect to the ET/ CEQP transaction…

Now that we have your attention… much has been written and said recently about the presumed ‘death’ of domestic shale. We won’t attempt to answer that question within this note, but we do believe Q2 Upstream…

While we generally present this data on a w/w basis, this edition takes a closer look at ‘SOL’ Utilization and respective changes from 7/17/2023 (our pre earnings marker) to today 8/14/2023 (our post earnings marker)…

Within we provide a performance summary of 1) Our model portfolio (based on survey results for our 2H’23 Outlook; Link); and 2) Our recent Trade Ideas. We closed out O/W KMI (+optional WMB/TRPG) vs. U/W TRP…

…for our recent pair trade idea of Overweight MMP versus Underweight OKE, initiated on 6/30/2023 (link). The trade is currently two percent underwater as shares of OKE have fared better than we expected. We added…

The domestic natural gas storage market continues to reinvent itself from an oversupplied sector that often lacked both attractive 1) intrinsic; and 2) extrinsic value propositions over the past several years.  As storage asset have…

OKE reported earnings tonight. A beat & raise. We believe this was expected by the Buy-Side. Adjusted EBITDA (mid) went up ~$100mm and 2023 capex went up $200mm. OKE shares will likely be up on…

Key Takeaway: Looking through all the back and forth we believe this transaction will close following a ‘deal-sweetener’ being paid by OKE in the $3.50 – $7.50 per share range to MMP holders. If the deal…

What a week… Below is a summary of 1) Our model portfolio performance (based on survey results for our 2H’23 Outlook; Link); and 2) Our recent Trade Ideas. All data is as of 16:00 of the…

We have a great (virtual) fireside chat coming up focused on all things ‘natural gas storage’ with David Marchese, CEO of Caliche Storage. From the ‘Duck Curve’ to LNG exports and volumes out of the…

•••We spent the weekend running through contractual obligations/ re-contracting dynamics and the general business mix of TRP’s new ‘liquids spin-co’••• Key Takeaway: This is not a bad business, and these are not bad assets.  But this…

Below is a summary of 1) Our model portfolio performance (based on survey results for our 2H’23 Outlook; Link); and 2) Our recent Trade Ideas. All data is as of 16:00 of the respective trade…

At the time of this writing, shares of TC Energy (TRP) are down ~5% on the heels of the announcement they are spinning the liquids business and the conference call this morning. This is in…

Interesting announcement from TC Energy post the close tonight. *Call at 8:30AM ET tomorrow* The company will be pursuing a (tax-free for U.S. and Canadian Investors) spin-off of the liquids assets into a separately treaded…