Regency Energy Partners LPNYSE
Feb. 18, 2015, 5:03 PM
- Regency Energy (NYSE:RGP): Q4 EPS of -$0.67 may not be comparable to consensus of $0.12.
- Revenue of $1.43B (+111.2% Y/Y) beats by $20M.
Feb. 17, 2015, 5:35 PM
- ABX, ACT, AMTG, ARII, ARRS, ASGN, AVG, AXLL, BGS, BJRI, CAR, CDE, CSLT, CVG, CW, CYNI, DENN, DTLK, ELNK, EOG, EQC, ETE, ETP, EXAM, FNF, HSTM, HT, IAG, IPI, KEG, KEYW, LHO, LOPE, MANT, MAR, MHLD, MIC, MRO, NVMI, OGS, OIS, PAAS, PCYC, PKD, REXX, RGP, SBRA, SCTY, SIX, SNPS, SSS, STR, SUN, SUNE, SXL, TERP, THRX, TILE, TRN, TS, UAM, WES, WGP, WMB, WPZ, XPO, YUME
Jan. 27, 2015, 12:24 PM
- Analysts say Energy Transfer Partners (ETP -1.4%) $11B deal to consolidate its Regency Energy Partners (NYSE:RGP) unit under one roof could be a harbinger of more M&A action to come for energy companies whose balance sheets are being strained by cheap crude oil prices.
- Pipelines, processing units and storage tanks have retained their value better than drilling acreage and equipment, prompting some producers to put their pipes up for sale to raise cash needed to prop up drilling operations and resulting in plenty of buying opportunities for companies seeking to expand their reach or fill in blank spots in their networks.
- Buckeye Partners (NYSE:BPL), NuStar Energy (NYSE:NS) and World Point Terminals (NYSE:WPT) are considered attractive candidates for large pipeline owners able to do deals now, some analysts say, because almost all of their cash flow comes from contracted fees that do not change with commodity prices.
Jan. 26, 2015, 9:22 AM
- Regency Energy (NYSE:RGP) declares $0.50/share quarterly dividend, in line with previous.
- Forward yield 8.46%
- Payable Feb. 13; for shareholders of record Feb. 6; ex-div Feb. 4.
Jan. 26, 2015, 9:15 AM
- Energy Transfer Partners (NYSE:ETP) agrees to acquire Regency Energy Partners (NYSE:RGP) for ~$18B, including the assumption of $6.8B in debt.
- RGP unitholders will receive 0.4066 ETP common units and $0.32/unit, implying an all-in price for RGP of $26.89/unit, representing a ~13% premium to RGP's Friday closing price.
- The merger bringing together two companies both controlled by parent company Energy Transfer Equity (NYSE:ETE) would make ETP the second largest MLP, with operations in substantially all major producing areas in the U.S.,
- RGP +13.4% premarket.
Jan. 26, 2015, 9:14 AM
Jan. 21, 2015, 6:20 PM
- The energy analyst team at Credit Suisse today cut price targets on 10 top MLPs even while upgrading Energy Transfer Partners, expecting the group to remain broadly under pressure in the near term until crude oil prices find a floor and despite positive valuation indicators based on yield spreads.
- Credit Suisse expects crude to bottom some time later in Q1, most likely in March as refineries are in full turnaround season, undercutting crude oil demand; the debate is how long crude takes to rebound off the lows.
- The firm applied price target cuts for BBEP, DPM, ENLC, [ETP, [EVEP]], MWE, MEP, NGLS, TRGP and RGP.
Jan. 15, 2015, 11:42 AM
- A new report from J.P. Morgan’s energy team reminds investors that despite the Q4 meltdown from declining crude oil prices, MLPs still clawed out a 5% total return in 2014, far better than the -8% total return for the overall energy sector.
- Still, the firm is sticking with top blue chip MLPs and defensive natural gas names, tabbing six Outperform-rated stocks that can stand some volatility as part of a growth and income portfolio: EPD, KMI, PAA, BWP, DM, EQM.
- Others are more pessimistic on the group: S&P Capital IQ's Stewart Glickman says there isn't a single E&P MLP that has healthy fundamentals, though some companies such as PAA and RGP are now cheap enough to be potentially good deals.
- Renaissance Capital's Nick Einhorn thinks a better alternative is to invest in funds that own groups of the MLPs.
- ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, MLPN, EMLP, MLPG, MLPX, MLPS, MLPY, AMU, YMLI, ZMLP, AMZA, ENFR, ATMP, MLPC, MLPW, IMLP, OSMS, YGRO, MLPO
Dec. 31, 2014, 2:48 AM
- The U.S. Bureau of Industry and Security said it will allow companies to sell oil condensate that has been processed through a basic distillation tower, giving them a green light for export without violating a four decade old ban.
- The agency also published a list of answers to common questions about crude exports, providing guidelines for the first time on an area that has been blanketed in confusion, although many are saying there is still a lot of room for interpretation.
- Previously: U.S. gives silent okay to condensate exports (Dec. 30 2014)
- Related tickers: PXD, EPD, BHP, PSX, KMI, ETP, RGP, CVX
Dec. 30, 2014, 8:13 AM
- The U.S. Commerce Department is telling some oil companies that they should consider exporting condensate without formal permission, Reuters reports.
- Officials familiar with the law said the agency's discussions did not represent a change in policy since self-classification is allowed under U.S. export controls.
- Despite the policy, Pioneer Natural Resources (NYSE:PXD) and Enterprise Products Partners (NYSE:EPD) obtained explicit permission from the agency to export in June, while last month BHP Billiton (NYSE:BHP) became the first company to announce that it would export condensate without authorization from the government.
- Related tickers: PSX, KMI, ETP, RGP, CVX
Dec. 4, 2014, 11:59 AM
- Energy Transfer Partners (ETP -0.3%) is upgraded to Outperform from Neutral with a $77 price target, up from $65, at Baird, which cites progress made at the partnership and beating the firm's estimates for three straight quarters.
- After another mega-model rebuild, Baird revises forecasts and valuations for the Energy Transfer family of partnerships - ETP, ETE, RGP, SUN and SXL - with SXL likely boasting the best fundamentals tailwinds with a return to crude oil contango.
Nov. 17, 2014, 3:43 PM
- Talisman Energy (TLM +2.2%) reportedly is in talks to sell its pipeline operations serving the Marcellus Shale region in New York and Pennsylvania to Regency Energy Partners (RGP +0.5%), with a deal valuing the assets at more than $1B possibly announced within three weeks.
- TLM, which said last year that it planned to sell its Marcellus pipelines, has been “working through the finer details of the potential transaction with a preferred counterparty,” CFO Paul Smith said earlier this month.
- TLM’s Marcellus operations consist of 400 km of gathering and transmission pipelines served by seven compression and gas dehydration facilities.
Nov. 17, 2014, 8:57 AM
- Energy Transfer Partners (NYSE:ETP) and Regency Energy Partners (NYSE:RGP) say their Lone Star NGL joint venture will construct a 533-mile natural gas liquids pipeline from the Permian Basin to Mont Belvieu, Tex., and convert Lone Star's existing West Texas NGL pipeline into crude oil/condensate service.
- The new pipeline and conversion projects are estimated to cost $1.5B-$1.8B, and are expected to be operational by Q3 of 2016 and Q1 of 2017, respectively.
- The new pipeline is being built to accommodate Lone Star's contracted NGL transportation volumes that will exceed Lone Star's existing 290K bbl/day of capacity from the Permian Basin by 2016.
Nov. 5, 2014, 5:15 PM
- Regency Energy (NYSE:RGP): Q3 EPS of $0.23 beats by $0.16.
- Revenue of $1.48B (+122.6% Y/Y) beats by $230M.
- Shares +1.1% AH.
Nov. 5, 2014, 4:57 PM
- Energy Transfer Partners (NYSE:ETP) says it has begun construction on two new cryogenic gas processing plants and additional gas gathering pipelines in the growing Eagle Ford and Eaglebine production areas in Texas.
- ETP estimates the new East Texas Plant, REM Eagle Ford Plant II and Volunteer pipeline projects will cost a combined $375M-$410M, and will add to its strong presence in an area where it already has spent more than $3B on pipelines, plants and associated infrastructure.
- Also, ETP and Regency Energy Partners (NYSE:RGP) say their Lone Star NGL joint venture will construct a third 100K bbl/day natural gas liquids fractionation facility at Mont Belvieu, Tex., for an estimated cost of $420M-$430M.
- The fractionator is fully subscribed by multiple long-term contracts, and is scheduled to be operational by year-end 2015.
Oct. 15, 2014, 3:18 PM
- MLPs have been crushed this week, and today Citi warns that the rapid drop in oil prices has created a "negative feedback loop on spending” and that a 15% drop in oil-directed drilling activity would result in a 50% drop in oil production growth.
- It Brent oil prices stabilize at $85-$90, Citi thinks the MLPs exposed mostly to oil and natural gas liquids would rebound modestly as a new equilibrium is developed between producers and midstream companies on spending; if crude continues to slide, Citi says MLPs exposed to natural gas would outperform.
- Miller Howard, a money manager specializing in income-producing stocks, is blaming newbie investors who don't fully understand MLPs and are "in it for the yield."
- Most MLP contracts are very long term, meaning that a temporary change in the oil price has no effect on those sources of revenue, Howard says, adding that "there is far from enough infrastructure to serve the domestic energy industry, even if it slows a bit."
- Some big MLPs have turned higher even as most stocks plunge: KMI +1.8%, KMP +1.5%, EPD +4.8%, PAA +3.7%, ETP +4%, ETE +8.6%, RGP +7.2%, CQP +6.6%, TEP +5.2%, PSXP +4.1%, MMP +7.1%, PAGP +4.9%, EEP +2.1%.
- ETFs: AMLP, AMJ, MLPL, MLPI, MLPA, MLPN, EMLP, MLPX, MLPS, AMU, ENFR, ATMP, MLPW, AMZA, IMLP, OSMS