Dirty Little Secrets

Dirty Little Secrets 2018 is now available for purchase!

Dirty Little Secrets is the definitive guide to uncovering investment opportunities in the U.S. midstream oil and gas sector.

With 165 pages of detailed analysis, this report provides the most comprehensive review of upside and downside risk of 28 midstream companies. This report is used by investors, institutional banks, fund managers, private equity, midstream companies and E&Ps to understand how changing energy market dynamics will impact the midstream sector in 2018 and beyond.

Highlights from Dirty Little Secrets 2018:

  • $7.2 billion (15%) in cash-flow growth from midstream companies in 2018 will be transformational for an industry beaten down in 2017.
  • 17 of 28 companies covered in this report are expected to outperform market consensus, highlighting East Daley’s positive outlook for midstream growth.
  • Coverage and leverage are key metrics but they can mask insight into future company performance that is only uncovered from detailed asset-level analysis, such as the case with BWP and ETP.
  • Gas and oil production is expected to surge across the country, boosting oil output by 1.3 MMB/d and gas extraction by 5.6 Bcf/d YoY…bolstering earnings across the sector.
  • Supply growth has been underappreciated in basins like the Bakken, Powder River and Marcellus. Growth in those basins is contrary to market sentiment for rate and volume risk.
  • The infrastructure of tomorrow could be in the ground today with old infrastructure finding new life in the Permian, Bakken and DJ.
  • Tax cuts have raised return on equity for natural gas pipelines, oil, and NGL lines, increasing the risk of significant revenue cuts via rate cases or rate freezes.

This report is made possible by East Daley’s dedicated team of midstream analysts, leveraging the largest database of U.S. energy infrastructure that delivers unprecedented clarity into the vast network of midstream assets.

New to Dirty Little Secrets 2018: Distributable cash flow (DCF), coverage and leverage based on EDC’s EBITDA forecasts and summary data files for all the companies that show earnings per asset, segment and commodity. If you have any questions about the information in this report, please contact East Daley!

The purpose of Dirty Little Secrets is to make a very complex sector easily digestible. This report is a must read for the seasoned market veteran and for those who are looking to get into the midstream space. Dirty Little Secrets is a vital tool to help you assess midstream risk, by providing you with non-biased and data-driven analysis made possible from the largest database of U.S. energy infrastructure. At East Daley, we do the “heavy lifting” for you so that you can focus on strategy and execution. Whether you are an investor, institutional bank, fund manager, private equity, a midstream company or an E&P, this report will help you quickly understand how changing energy market dynamics will impact the midstream sector in 2018 and beyond.

The Dirty Little Secrets package includes:

  • 165-page detailed analytical report covering 28 U.S. midstream companies
  • Asset-level earnings forecasts for all companies
  • Capital structure risk, capex efficiency and return on equity (ROE) analysis
  • Distributable cash flow (DCF) and coverage and leverage based on EDC’s EBITDA forecasts
  • Crude oil, natural gas and natural gas liquids outlook, including sections on the Permian, Bakken, Marcellus, Denver-Julesburg and the Powder River Basin
  • Presentation from East Daley to your firm to review the report findings and answer questions
  • Summary data files for all 28 companies covered that show earnings per asset, segment and commodity with earnings forecasts through 2019

East Daley Capital is an energy asset research firm

that is redefining how markets view risk for midstream energy companies. In addition to using top-level financial data to forecast a company’s performance, East Daley delivers asset-level analysis that provides comprehensive, fact-based intelligence. Supported by a team of unbiased, experienced research analysts, East Daley provides its clients unparalleled insight into how midstream companies operate and generate cash flow. East Daley uses publicly available fundamental data and intersects that data with a company’s reported financials to break midstream companies down to asset-level cash flows. The result allows for more informed decisions.