November 4, 2016 Hit Them with Your Best Shot: WPZ reported a record third quarter, pulling in $1,189 million in Adjusted EBITDA, exceeding our model by $4 million, or 0.3%. The two segments driving the record earnings were NGL & Petchem and Atlantic-Gulf. (Ticker: WPZ)………..
Rice Rice Baby: As of Friday, November 4th, Rice Midstream Partners (RMP) has more rigs on their system and drop-down systems than any other midstream provider in the Northeast. (Ticker: RMP)………
Reality Check: We still believe ONEOK Mid-Con throughput will exit the year at an average of ~660 MMcf/d but are watching our models closely as the quarter progresses. (Ticker: OKS)………
DCF…Deficiency Cash Flows?: Enable reported strong Q3 earnings this week which significantly beat market estimates. Some of the beat was due to lower costs than expected, however a significant portion came from full year deficiency payments realized in Q3. (Ticker: ENBL)…….
Are you too good for your home?! Answer me!: Now that Tall Oak’s Battle Ridge and Chisholm plants are connected to EnLink’s legacy Cana system as discussed on its 3Q16 earnings call, it’s becoming more difficult to keep the acquired assets distinct from the legacy Cana system. We continue to watch rig count and well dynamics on their system in hopes they might be able to kick that putt a little closer. (Ticker: ENLK)
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