is often done with a sword rather than a scalpel. The complex nature of the business typically forces management teams to bucket assets together at a high level, diluting the ability to evaluate the impact of commodity price movements, contract renegotiations or the precise impact of the output from a single well. Perhaps the dirtiest little secret in the midstream energy space is that midstream energy companies, even large cap diversified companies like Energy Transfer Partners (ETP) and Kinder Morgan (KMI), can be dissected at a very granular level. Company reported segments can be subdivided by commodity risk, commodity risk by infrastructure, infrastructure by basin and basin into distinct assets. At its most granular level, assets can even be broken down by contract and counterparty. Dirty Little Secrets 2018, to be released in January 2018, details the most prominent companies in the midstream space by subdividing them into a detailed asset-level forecast. In doing so, dirty little secrets, both good and bad, come to light in the outlook for 2017 and beyond.
Key additions to Dirty Little Secrets for 2018: Discounted cash flow (DCF), coverage and leverage based on EDC’s EBITDA forecast and summary data files for all the companies that show earnings per asset, segment and commodity. Available the week of January 15, 2018.
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.