Different Ways To Use Solar Power
As the world embraces more solar power, it turns out there are two competing visions – the traditional utility model of building solar farms for transmission to customers, and the…
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Simon Lack, Portfolio Manager
111 posts
Simon Lack is Founder and Managing Partner of SL Advisors, LLC. Mr. Lack is Portfolio Manager of an energy and infrastructure fund at Catalyst Capital Advisors LLC. Mr. Lack’s experience includes: Managing Director, JPMorgan Global Trading Division and CEO, JPMorgan Incubator Funds. Mr. Lack has authored The Hedge Fund Mirage: The Illusion of Big Money and Why It’s Too Good to Be True (January 2012) and Bonds Are Not Forever: The Crisis Facing Fixed Income Investors (September 2013).
The Biggest Pipeline Companies Are Doing Well
Last week Enbridge (ENB) and Enterprise Products (EPD), North America’s two biggest pipeline companies, were among those reporting earnings. Both beat expectations – ENB reported 2Q EBITDA of $3,312MM versus $3,155MM, helped by strong results in natural gas transmission.
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Pipelines Are Becoming Less Risky
Before the Shale Revolution, midstream energy infrastructure was a boringly stable sector. MLPs, which predominated versus corporations back then, paid out most of the cash they generated and grew distributions through price escalators and improved operating efficiencies.
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Pipeline Earnings Should Confirm Growing Cash Flows
Earnings season for pipeline stocks begins on Wednesday 22nd, with Kinder Morgan (KMI) reporting after the market close. We expect the quarterly updates from the sector’s biggest companies will confirm…
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Pipeline Opponents Help Free Cash Flow
Several major pipeline developments last week might well represent a key turning point in how the industry operates. Berkshire Hathaway (BRK) acquired Dominion Energy’s natural gas pipeline and storage assets…
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Energy Demand After Covid-19
Client meetings for many businesses have had to conform to local Covid-19 restrictions. Most of us have found that working remotely is fine, although I suspect it’ll become increasingly problematic…
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Dividends on Pipeline Stocks Remain High
Markets finished the strongest quarter sine 1987 yesterday, led by the energy sector. The American Energy Independence Index, which comprises North America’s biggest pipeline stocks, is still down 29% for…
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Energy Markets Are Adapting Quickly
Coronavirus approached us like a distant wave earlier this year. Initially it was remote and unthreatening, as we viewed developments far away in Asia. But it soon engulfed us, making…
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Oneok Hands New Buyers A Quick Profit
Last week Oneok (OKE) did a secondary offering of 26 million shares. It was priced at $32, and diluted existing shareholders by around 7%. Although a healthy discount from two…
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Pipeline Investors Welcome Less Spending
Most energy investors wish the Shale Revolution had never happened. Energy independence was realized through sharply higher oil and gas output. But the promise of similarly bountiful investment returns was…
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