Enterprise Products Partners L.PNYSE
Wed, Nov. 30, 9:50 AM
- Shares of energy companies surge at the open, as hopes for an OPEC deal to cut production send crude oil futures soaring.
- Reports say Saudi Arabia is prepared to accept "a big hit" to production and agree to Iran freezing output at pre-sanctions levels.
- In early trading: XOM +2.2%, CVX +2.3%, RDS.A +3.6%, BP +3.4%, TOT +1.7%, STO +5.1%, PBR +8.1%, COP +7.2%, MRO +12.1%, APC +8%, DVN +12.7%, HES +9.5%, ENB +2.1%, PSX +0.8%, SLB +4.2%, HAL +8.3%, BHI +4.3%, KMI +4.8%, EPD +2.7%, ETP +3.8%, WMB +5.4%, RIG +11.3%, SE +2.2%, CHK +9.4%.
- ETFs: XLE, VDE, ERX, OIH, XOP, FCG, ERY, GASL, DIG, DUG, BGR, XES, IYE, IEO, FENY, IEZ, PXE, GASX, PXI, FIF, PXJ, RYE, NDP, GUSH, PSCE, DRIP, DDG, FXN, CRAK
Tue, Nov. 29, 10:20 AM
- Crude oil continues to slide - WTI now -3.8% at $45.27/bbl, and Brent -3.8% at $46.40/bbl - dragging oil and gas equities (XLE -2.1%) down with it.
- Iran's oil minister says he is not prepared to reduce supply, and Saudi Arabia says it would not participate in a production deal without Iran and Iraq.
- Reuters reports that Iran has written to OPEC saying Saudi Arabia needs to cut oil output to 9.5M bbl/day; Saudi has said it was prepared to reduce its production only by 500K bbl/day from current levels of 10.5M.
- In early trading: XOM -1%, CVX -1.7%, RDS.A -1.4%, BP -1%, TOT -0.3%, STO -1.8%, PBR -3.7%, COP -2.9%, MRO -4%, APC -2.8%, DVN -2.7%, HES -3.6%, ENB -2.3%, PSX -1.2%, MPC -0.8%, SLB -2.2%, HAL -2.3%, BHI -2.1%, KMI -1.4%, EPD -2%, ETP -2.2%, WMB -2.4%, SE -2.3%, CHK -2.6%.
- ETFs: XLE, VDE, ERX, OIH, XOP, FCG, ERY, GASL, DIG, DUG, BGR, XES, IYE, IEO, FENY, IEZ, PXE, GASX, FIF, PXJ, RYE, NDP, GUSH, DRIP, DDG, FXN, CRAK
Thu, Oct. 27, 3:21 PM
- Enterprise Products Partners (EPD -1%) as its largely in-line Q3 results, in which its $635M quarterly profit fell by only 2% for last year while $5.92B in revenues fell from $6.3B a year ago, did little to excite investors.
- EPD says it generated $1B in distributable cash flow, increased distribution to partners by 5.2% and retained $124M of distributable cash flow to reinvest in the business; the distributable cash flow coverage ratio was 1.15x.
- EPD says it has $5.6B of growth capital projects under construction that will begin commercial service by the end of 2018 that will support continued distribution growth, including the PDH facility, the Midland-to-Sealy crude oil pipeline and a third natural gas processing plant in the Delaware Basin.
- CEO Jim Teague says signs of life are returning to the largely depleted Eagle Ford and Haynesville shale plays, in addition to the active Permian Basin.
Thu, Oct. 27, 6:02 AM
Wed, Oct. 26, 5:30 PM
- ABB, ABMD, ACOR, AET, ALLE, ALV, ALXN, AMT, APD, ASPS, AUO, AVT, AXTA, BBW, BC, BCOR, BGCP, BMS, BMY, BWA, BX, CBG, CCMP, CELG, CFX, CHH, CL, CLF, CMC, CME, CMS, COLB, COP, COR, CRI, CRR, CRS, CVE, CVI, CVRR, CWT, CYS, DFT, DLX, DOW, DPS, EME, EPD, EQGP, EQM, EQT, EXLS, F, FCFS, FCN, FMS, GCI, GLOP, GNC, GOV, GTLS, HCA, HEES, I, IDA, IDCC, IP, IPGP, IRDM, IVZ, LANC, LAZ, LKQ, LLL, MD, MDP, MDXG, MHO, MJN, MO, MPC, MPLX, MSCI, MTH, MTRN, NEWM, NMR, NOK, NOV, NTCT, ODFL, ORI, PATK, PENN, PF, PJC, POT, PRLB, PTEN, PX, QSII, RDN, RGS, ROCK, RTN, SCG, SEE, SFE, SILC, SIRI, SMP, SQNS, SRPT, STM, SUP, SWK, TCK, TDC, TFX, THRM, TKR, TMO, TPH, TPX, TREE, TROW, TUES, TWTR, TZOO, UAN, UFS, UPS, UTHR, VC, VLP, WCC, WEX, WST, WWE, XEL, XRS, YNDX
Tue, Oct. 25, 4:57 PM
- A Seaway Crude pipeline that spilled oil at the storage hub in Cushing, Okla., remains closed, but the crude oil market is taking the outage in stride as shipping capacity on the route from Cushing to the U.S. Gulf coast has roughly tripled over the last three years.
- Seaway Crude operator Enterprise Products Partners (NYSE:EPD) took the 850K bbl/day system out of service after one of the lines suffered a leak late Sunday night and restarted the 450K bbl/day Twin Line, which opened in 2014 and runs parallel to the legacy line and was not impacted by the spill, yesterday.
- "The market is not spooked by the Enterprise closure, so there must be adequate capacity on Seaway 2 to handle existing flows," says Sandy Fielden, director of commodities and energy research for Morningstar.
- Oil traders say there also is ample capacity to move oil to Port Arthur, Tex., or Houston on TransCanada's (NYSE:TRP) 700K bbl/day Marketlink line, which opened in 2013.
- Seaway Crude Pipeline is a joint venture of EPD and Enbridge (NYSE:ENB).
Mon, Oct. 24, 12:48 PM
- A leak has forced the temporary closure of the Seaway Crude Pipeline, one of the largest pipeline systems feeding crude from the U.S. oil storage hub in Cushing, Okla., to Gulf coast refineries, operator Enterprise Products Partners (EPD -0.6%) says.
- EPD does not provide an estimate of the volume spilled, but says much of it was contained in a retention pond and that part of the line should reopen later in the day.
- The main 400K bbl/day 30-inch diameter legacy line was shut following the discovery of the leak, and a 450K bbl/day parallel line known as the Twin Line - the one expected to return to service - also was shut as a precaution, limiting a total of 850K bbl/day of flows out of Cushing.
- Seaway Crude Pipeline Company is a joint venture of EPD and Enbridge (ENB -1.4%).
Wed, Oct. 5, 9:36 AM
Wed, Sep. 28, 3:19 PM
- The energy sector (XLE +4%) bursts to the top of the leaderboard after OPEC announces a planned production cut to 32.5M bbl/day at the informal OPEC meeting in Algiers.
- Among individual energy stocks: XOM +3.8%, CVX +2.7%, RDS.A +2.8%, BP +3.4%, TOT +2.4%, PBR +4.5%, COP +6.4%, MRO +8%, MPC +1.4%, PSX +1.9%, VLO -0.1%, EOG +6.2%, PXD +6.4%, OXY +4.5%, DVN +7.9%, CLR +8.3%, APA +6.2%, NOV +8.1%, SLB +3.3%, BHI +3.6%, HAL +4.3%, KMI +3.4%, ENB +2.6%, EPD +1.9%, ETP +2.9%.
Mon, Sep. 26, 12:44 PM
- Sunoco Logistics Partners (SXL +0.1%), the future operator of the Dakota Access oil pipeline delayed earlier this month following Native American protests, spills crude more often than any of its competitors with more than 200 leaks since 2010, according to a Reuters analysis.
- Data that companies disclose to the U.S. Pipeline and Hazardous Materials Safety Administration when they suffer spills found that SXL leaked crude from onshore pipelines at least 203 times over the last six years, ahead of at least 190 recorded by Enterprise Products Partners (EPD -0.4%) and 167 by Plains All American Pipeline (PAA +0.8%).
- Reuters says SXL acknowledged the data and said it had taken measures to reduce its spill rate.
- Energy Transfer Partners (ETP -0.8%) is constructing the pipeline to pump crude produced at North Dakota's Bakken shale fields to the U.S. Gulf coast, and will hand over the pipeline's operation to its SXL affiliate upon completion.
Mon, Sep. 19, 11:22 AM
- Enterprise Products Partners (EPD +3.6%) is upgraded to Outperform from Neutral with a $34 price target at Credit Suisse, citing EPD's conservative distribution policy, high quality and interconnected asset footprint, and best in class management team.
- Credit Suisse thinks the market is still pricing the possibility of EPD acquiring Williams Cos. at an aggressive price, but that EPD is unlikely to consider terms which would be value destructive or dilutive even if talks resume.
- "EPD has lot of legroom before a prospective deal becomes dilutive, suggesting that investor concerns on this topic are overblown," Credit Suisse says.
- The firm also notes EPD's $5B-plus backlog, which provides a solid basis for future growth as well as its outlook for a five-year 5% compound annual growth rate for the distribution.
Sat, Sep. 10, 8:25 AM
- Energy MLPs enjoyed a lift this week (at least until yesterday) following news of the Enbridge-Spectra merger, particularly those lacking sponsorship by producers that may be targets for consolidation.
- Credit Suisse sees logical players to be involved in combinations to secure access to opportunities and capital including ETE/ETP, EPD, MMP, PAA/PAGP, OKE/OKS, WPZ, PSX/PSXP, MPC/MPLX, TRGP, NS/NSH, GEL and TEP/TEGP.
- FBR Capital says MLP valuations have improved ~45% from lows reached early this year, and expects macro trends to lift the sector; the firm thinks CAPL could enjoy double-digit growth for nearly seven years, and says MMLP is another notable outperformer whose valuation reflects more than enough discount for a distribution cut (which the firm is forecasting) - it also likes ENLK, EEP, TLP, SRLP, USAC, WLKP and USDP,
- RBC notes favorable sentiment in the MLP realm, highlighting attractive valuations particularly at ETP, BWP and AMID, and sees dropdown stories - out of favor YTD - such as VLP and SHLX offering visible growth that can support the stocks over the next 12 months.
- ETFs: AMLP, AMJ, KYN, TYG, KYE, SRV, CEM, MLPI, NML, FEN, NTG, KMF, MLPA, EMLP, FMO, AMZA, FEI, JMF, SRF, CBA, MLPN, GMZ, MLPX, GER, EMO, TTP, CTR, MLPS, CEN, SMM, DSE, FPL, AMU, MIE, JMLP, ENFR, ATMP, IMLP
Fri, Sep. 9, 9:49 AM
Thu, Sep. 8, 4:55 PM
- Williams Cos. (NYSE:WMB) -5.3% AH after Enterprise Products Partners (NYSE:EPD) makes its official that it is no longer interested in pursuing a merger with the company; EPD +1.6%, WPZ -2.4%.
- EPD says it had submitted non-binding proposals to WMB for a merger but withdrew its indication of interest in WMB because of "recent news leaks, movements in the price of the partnership's common units as well as questions from investors."
- Speculation about a potential EPD-WMB combination began about a month ago, after a planned merger of WMB and Energy Transfer Equity collapsed in June.
Fri, Aug. 26, 1:54 PM
- Sentiment is improving and "recovery emerging” around energy MLPs, Citi's Faisel Khan says, citing Improving commodity prices and tighter credit spreads as the main reasons, as some companies are positioning for volume growth.
- The analyst offers six "value picks": TRGP, OKS, NS, BWP, TLLP and CQP.
- Khan's "key thematic picks" are Energy Products Partners (NYSE:EPD), as a play on growth in natural gas liquids, Plains All American Pipeline (NYSE:PAA) and Plains GP Holdings (NYSE:PAGP) on growth in the Permian basin, and EnLink Midstream (NYSE:ENLC), as a play on Oklahoma expansion.
Thu, Aug. 18, 1:48 PM
- Williams Cos. (NYSE:WMB) has jumped (as much as 11.6% minutes ago) on a report that Enterprise Product Partners (NYSE:EPD) approached it this summer with an acquisition.
- Williams shares have fallen back to just a 6.6% gain. EPD spiked briefly and has now headed for negative territory, -0.2%.
- Williams didn't make an official response, Reuters says, since its recent gains meant Enterprise's offer carried little to no premium.
- Despite that, Enterprise remains interested in a deal that would create an $80B giant, the Financial Times reports.
- A planned merger of Williams with Energy Transfer Equity fell apart in June as ETE walked away after a favorable court ruling.