Issuer Ranking: U.S. Midstream Energy Companies, Strongest To Weakest Aug 08
Standard & Poors, August 2008
Abstract
High commodity prices and robust cash margins have helped boost financial performance for U.S. midstream energy companies in the first half of 2008. Despite strong earnings, the boon of strong commodity markets raises questions concerning how companies will deploy this incremental cash flow. Massive increases in construction costs (especially steel) are offsetting the profits resulting from higher-than-expected natural gas and crude oil prices. This is raising the risk profile of capital spending programs throughout the sector and dampening return estimates from the numerous capital projects underway. Despite these pressures, more companies are electing to use higher-than-forecast cash flows to repurchase shares or increase dividends to shareholders, which may raise the financial risks at times when overall leverage in the sector...
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Research Type: Commentary
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- Colorado Interstate Gas Co.
- El Paso Natural Gas Co.
- EQT Corp.
- 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.
- Questar Pipeline Co.
- Tennessee Gas Pipeline Co.
- Enogex LLC
- Kern River Funding Corp.
- Ferrellgas Partners L.P.
- El Paso Corp.
- Buckeye Partners L.P.
- Enbridge Energy Partners L.P.
- Express Pipeline Partnership
- Centennial Energy Holdings Inc.
- Kinder Morgan Energy Partners L.P.
- QEP Resources Inc.
- 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.
- TEPPCO Partners L.P.
- Star Gas Partners L.P.
- Boardwalk Pipeline Partners L.P.
- Magellan Midstream Partners L.P.
- Southern Star Central Gas Pipeline Inc.
- MarkWest Energy Partners L.P.
- Inergy L.P.
- Regency Insurance L.P.
- Gulf South Pipeline Co. L.P.
- Cheniere Energy Inc.
- Targa Resources Inc.
- Gulfstream Natural Gas System LLC
- Atlas Pipeline Partners L.P.
- Copano Energy LLC
- Williams Partners L.P.
- Rockies Express Pipeline LLC
- Spectra Energy Corp.
- IFM (U.S.) Colonial Pipeline 2 LLC
- Energy Transfer Partners L.P.
- Enterprise GP Holdings L.P.
- MidCon LLC
- NGPL PipeCo LLC
- Targa Resources Partners LP
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