Industry Report Card: Favorable Market Conditions For U.S. Midstream Energy Companies In The First Half Of 2010 Despite Weak Gas Prices Jun 10
Standard & Poors, June 2010
Abstract
Standard & Poor's Ratings Services continues to see a general positive shift in momentum for credit trends in the U.S. midstream energy sector, although mixed signals still remain. The debt and equity capital markets continue to remain receptive to new investment-grade issuances, with companies taking advantage of more investor demand for corporate bonds and higher equity prices. Companies have also made meaningful progress in completing some large infrastructure projects, which is starting to boost cash flows and financial metrics. Commodity prices, especially crude oil and natural gas liquids (NGL), have significantly improved, too, from this time last year, which has helped strengthen cash flows for companies in the gathering and processing business. Despite these favorable trends, natural gas fundamentals, especially...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Colorado Interstate Gas Co.
- El Paso Natural Gas Co.
- Florida Gas Transmission Co. LLC
- Kinder Morgan Inc.
- National Fuel Gas Co.
- Northern Natural Gas Co.
- Northwest Pipeline G.P.
- ONEOK Inc.
- Panhandle Eastern Pipe Line Co LP
- Southern Natural Gas Co.
- Southern Union Co.
- Texas Gas Transmission LLC
- Transcontinental Gas Pipe Line Co. LLC
- The Williams Cos. Inc.
- Colonial Pipeline Co.
- Explorer Pipeline Co.
- Tennessee Gas Pipeline Co.
- Enogex LLC
- California Petroleum Transport Corp.
- Excel Paralubes Funding Corp.
- Ferrellgas Partners L.P.
- El Paso Corp.
- Golden State Petroleum Transport Corp.
- Windsor Petroleum Transport Corp.
- Buckeye Partners L.P.
- Enbridge Energy Partners L.P.
- Express Pipeline Partnership
- Phoenix Park Funding Ltd.
- Kinder Morgan Energy Partners L.P.
- Sempra Energy
- Maritimes & Northeast Pipeline LLC
- Maritimes & Northeast Pipeline L.P.
- Alliance Pipeline L.P.
- Alliance Pipeline Limited Partnership
- Northern Border Pipeline Co.
- Enterprise Products Partners L.P.
- Suburban Propane Partners L.P.
- DCP Midstream LLC
- Iroquois Gas Transmission System L.P.
- ONEOK Partners L.P.
- Sunoco Logistics Partners LP
- NuStar Energy L.P.
- Star Gas Partners L.P.
- Boardwalk Pipeline Partners L.P.
- Magellan Midstream Partners L.P.
- Southern Star Central Gas Pipeline Inc.
- Southern Star Central Corp.
- Sweetwater Investors LLC
- MarkWest Energy Partners L.P.
- Inergy L.P.
- Gulf South Pipeline Co. L.P.
- Cheniere Energy Inc.
- Coffeyville Resources LLC
- Targa Resources Inc.
- Gulfstream Natural Gas System LLC
- Atlas Pipeline Partners L.P.
- Copano Energy LLC
- Williams Partners L.P.
- Rockies Express Pipeline LLC
- Sabine Pass LNG L.P.
- Regency Energy Partners L.P.
- Spectra Energy Corp.
- IFM (U.S.) Colonial Pipeline 2 LLC
- Energy Transfer Partners L.P.
- Enterprise GP Holdings L.P.
- NGPL PipeCo LLC
- Crosstex Energy L.P.
- Targa Resources Partners LP
- Southeast Supply Header Pipeline LLC
- Midcontinent Express Pipeline LLC
- DCP Midstream Partners L.P.
- Energy Transfer Equity L.P.
- Martin Midstream Partners L.P.
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