The Daley Note

East Daley Capital’s Daley Note provides daily proprietary market commentary on North American oil and gas fundamentals. The Daley Note (TDN), “midstream insights delivered daily,” covers news, commodity prices, security prices, and EDC research likely to affect markets in the short term. Please subscribe to get the Daley Note delivered to your email, past issues are added to this page on an ongoing basis.

November 2020

  • The Daley Note 11/04/2020

    • 2020 Presidential Election: What a Biden Presidency Could Mean for Midstream. ADCP, EPD, ET, PAA
    • Down-ballot Issues.BP, COP, DCP, WES, XOM
    • More MVP Delays Handcuff Northeast.ETRN
    • Spring Break for Canadian Rigs.CNQ, CVE, HUS.TO, OVV, PBA
    • DTE Midstream Spin-off. DTE
    • North American Energy Indicators and Equity Prices
    • North American Natural Gas Prices
    • North American Crude Oil Prices
    • North American Natural Gas Liquids Prices

  • The Daley Note 11/02/2020

    • TETCO Maintenance Keeps a Lid on Northeast Prices. AR, COG, ENB, EQT, ET, KMI, RRC, TCR
    • Quick Recovery after Zeta. BP, COP, DCP, WES, XOM
    • More MVP Delays Handcuff Northeast. ETRN
    • East Daley’s October Production & Constraint Forecasts Now Available
    • North American Energy Indicators and Equity Prices
    • North American Natural Gas Prices
    • North American Crude Oil Prices
    • North American Natural Gas Liquids Prices

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October 2020

  • The Daley Note 10/26/2020

    • Cenovus-Husky Deal: E&P Merger Mania Moves North – Cenovus Energy (CVE) announced a deal to purchase Husky Energy (HSE.TO) to create the third-largest Canadian oil producer as the wave of E&P consolidation moves north to Canada. CNQ, COP, CVE, CXO, HSE.TO, PBA, PE, PXD, SU, VSN.TO.
    • Hurricane Season Rolls on with Zeta – The 2020 hurricane season continues to loom over the offshore industry as Tropical Storm Zeta gains strength over western Caribbean waters. BP, BHP, CVX, OXY, RDS, ENB.
    • Riding out the Storms – We expect Williams (WMB) to report a slight Q-o-Q uptick in 3Q2020 earnings from its Gulf of Mexico assets despite significant storm disruptions in the quarter. WMB.
    • Key North American energy indicators and midstream equity prices.
    • Key North American Natural Gas Prices, Crude Oil Prices, and Natural Gas Liquids prices by location.

  • The Daley Note 10/22/2020

    • Permian Positives – We expect significant growth from EnLink’s Permian segment Q-o-Q, as interstate samples show a large increase in throughput volumes. ENLC’s Delaware G&P system interstate sample increased by 25% Q-o-Q, indicating that producers have possibly brought curtailed production back online.
    • Growing Aethon Keeps Midstream At Arm’s Length – Aethon Energy has been one of the most active drillers in the Ark-La-Tex Basin over the last few years, consistently running anywhere from 5 to 9 rigs, but publicly traded midstream companies have largely missed out on the volume upside as Aethon and its midstream subsidiaries gather ~90% of the company’s own Louisiana production.
    • North American Energy Indicators and Equity Prices.
    • North American Natural Gas Prices.
    • North American Crude Oil Prices.
    • North American Natural Gas Liquids Prices.

  • The Daley Note 10/21/2020

    • Permian Merger Mania – Pioneer Resources’ (PXD) all-stock acquisition of Parsley Energy (PE) for $4.5 billion continues a trend of upstream consolidation in the Permian Basin as producers seek scale to compete at lower oil prices. We examine the midstream implications. COP, CXO, ET, PE, PXD, CXO, TRGP.
    • A Waiting Game on Colorado Setbacks – In early November the Colorado Oil and Gas Conservation Commission (COGCC) will promulgate new drilling regulations, including potential 2,000’ setback requirements for permitting new wells, that could constrain production in the DJ Basin, a concern for DCP Midstream (DPM). DCP, OXY, PDCE, WES, XOG.
    • Rig Activity Grows by 3.4 to 332 Rigs. On the midstream side, DCP Midstream is up 5.7 rigs on its G&P systems across the Permian and Eagle Ford basins. Energy Transfer LP is up 4 rigs on its G&P systems in the ArkLaTex, Eagle Ford, and Permian basins. We examine these in our Midstream Activity Tracker (MAT).
    • Key North American energy indicators and equity prices.
    • Key North American natural gas, crude oil, and natural gas liquids prices.

  • The Daley Note 10/20/2020

    • Pioneer-Parsley Deal: All in the Family – Pioneer Resources (PXD) announced Tuesday afternoon an agreement to acquire Parsley Energy (PE) for $4.5 billion in an all-stock transaction, a deal that Targa Resources (TRGP) and its investors should monitor closely. PXD, PE, COP, CXO, TRGP, ET.
    • Gulf of Mexico Nears Return to Normal – Our Gulf of Mexico pipeline gas sample shows volumes approaching normal levels after the active hurricane season of 2020 concludes.
    • Key North American energy indicators and midstream equity prices.
    • Key North American Natural Gas Prices, Crude Oil Prices, and Natural Gas Liquids prices by location.

  • The Daley Note 10/19/2020

    • Concho-Phillips Merger Sealed – Midstream Implications. COP, CXO, EPD, ENLC, ET, PAA, TRGP, WES.
    • Big Acquisition or Big Nothing – EOG in Play? EOG, TOT, XOM, CVX, ET, WES, EPD, MPLX,TRGP, KMI, ENLC.
    • Get It While the Getting’s Good. NM vs. TX Permian Rigs. DVN, XOM, EOG, CXO, ENLC, EPD, DCP, ET, TRGP.
    • Gulf of Mexico Almost Back to Normal.
    • Key North American Energy Indicators and Equity Prices.
    • Key North American Natural Gas, Crude Oil, and Natural Gas Liquids Prices.

  • The Daley Note 10/15/2020

    • Conoco-Concho Merger Rumors – Midstream Implications. COP, CXO, EPD, ENLC, ET, PAA, TRGP, WES.
    • Flush Bakken Production Comes Full Circle. HESM, KMI, OKE, TRGP.
    • Gulf Production Continues Rebound after Hurricane Delta.
    • Key Energy Indicators and North American Midstream Prices.
    • Key North American Natural Gas, Crude Oil, and Natural Gas Liquids Prices by Location.

  • The Daley Note 10/14/2020

    • Cameron LNG Recovery Sunk Again. D, LNG, SRE.
    • Eagle Ford Rigs Soar. COP, CPE, DCP, EPD, ET, KMI, MRO, PVAC, SBOW.
    • Midstream: Best House in a Bad Neighborhood – An analysis of energy Chapter 11 filings statistics.
    • Gulf Production Continues Rebound after Hurricane Delta.
    • Key Energy Indicators for North American Energy.
    • North American Midstream Universe Price and Performance Data.
    • Key North American Natural Gas Prices, Crude Oil Prices, and Natural Gas Liquids Prices.

  • The Daley Note 10/13/2020

    • C2 Seesaw to drive Earnings for DPM, OKE.
    • XOG Buy-out Deal Rumored in DJ – Midstream Menagerie.
    • Gulf Operators Restore Production after Hurricane Delta.
    • Fundamental, E&P, and Midstream Calendar.
    • Key North American Natural Gas, Oil, and Natural Gas Liquids Prices.

  • The Daley Note 10/12/2020

    • The Price isn’t Right – Midstream Implications of Cabot’s Curtailed Production.
    • Gulf Operators Begin Restoring Operations after Hurricane Delta.
    • A Return to Normalcy – Rebound in Gas Receipts Across Hardest Hit Basins.
    • Company & Industry News.
    • Energy Calendars.
    • Key Energy Indicators.
    • North American Midstream Universe Pricing.
    • Key North American Natural Gas, Crude Oil and Natural Gas Liquids Pricing By Location.

  • The Daley Note 10/08/2020

    • Cameron Comeback? D, LNG, SRE.
    • Hurricane Delta Forces More Gulf Shut-ins. BP, CVX, OXY.
    • Company & Industry News.
    • Fundamental & earnings calendars.
    • Key North American energy indicators.
    • North American midstream universe price data.
    • Key location-based data for NoAM natural gas, crude oil and natural gas liquids prices.

  • The Daley Note 10/07/2020

    • Plummeting NGL recovery at the Younger plant. PBA
    • Hurricane Delta Intensifies into Category 4 Storm. BP, CVX, OXY.
    • Company & Industry News.
    • Fundamental Calendar.
    • 3Q2020 Earnings Calendar – Midstream & Upstream.
    • Price data for the North American Midstream Universe.
    • Key Energy indicators, natural gas prices, crude oil prices and natural gas liquids prices.

  • The Daley Note 10/06/2020

    • Hurricane Delta Intensifies into Category 4 Storm. BP, CVX, OXY.
    • Shelling the Upstream. RDS, CEQP, KEY, ET, PBA, WES, ENLC, NFG.
    • Company & Industry News.
    • Calendars: E&P & Midstream.
    • Key energy indicators, NoAm natural gas prices, crude oil prices and NGL prices.

  • The Daley Note 10/05/2020

    • The CVX-NBL merger closure and midstream implications.
    • TC Energy’s offer for TC Pipelines and the rate-risk nuances.
    • The OAS bankruptcy and implications for OMP and other midstreamers.
    • The outlook for Tropical Storms Delta and Gamma.
    • The cumulative impact of storms to GoM production.
    • Corporate news.
    • Industry news.
    • E&P 3Q2020 Earnings Calendar.
    • Midstream 3Q2020 Earnings Calendar.
    • Key Energy Indicators – Commodities, Spreads, Indices & Rates.
    • NoAm Midstream Universe prices.
    • Natural gas, crude oil, and natural gas liquids prices by location.

  • The Daley Note 10/01/2020

    • We follow up on SMLP’s recent restructuring agreement, with likely asset sales ahead. SMLP, WLL.
    • We talk cash flows on the Milk River-Empress exchange deal. PAA, IPL.
    • We tease today’s in-depth Snapshot report on the midstream implications of the Devon-WPX merger. DVN, WPX.