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Quarterly Insights: October 18, 2016

Williams Partners (Ticker: WPZ) is expected to report a very strong third quarter, increasing 9% YOY and a $128 million increase from Q2 2016. However, be mindful of the drivers behind the increase…….

Energy Transfer (Ticker: ETP) has seen a lot of activity this quarter given the protest situation regarding DAPL as well as the flurry of activity in the Permian. Between the strong gathering and processing assets and the midstream systems, ETP is well positioned to capitalize on market improvements but hedged against a downturn……

Crestwood Equity Partners (Ticker: CEQP) is putting money to work, after monetizing $975 million in 2Q in exchange for 50% interest in its Northeast pipe and storage assets. The company is beefing up its G&P Segment by adding two new gathering systems in the Permian, with the hopes of offsetting declines in the Marcellus, Barnett and Fayetteville. The new projects are expected to add substantial growth starting in 2H2016, but these projects will require capital to fund the buildout, which is shared with First Reserve…….

EQT Midstream Partners (Ticker: EQM) grew Adjusted EBITDA for 15 straight quarters from their IPO in 2012 before falling for the first time in 2Q2016. Adjusted EBITDA for Q3 is expected to be $137.9 Mil, a decrease of less than 1% from the prior quarter. Gathering EBITDA will be up marginally but will be offset by a decrease in the Transmission & Storage segment…….

ONEOK (Ticker: OKS) will flex the strength of their vertically integrated system to a higher Q3 Adjusted EBITDA of $481 Mil compared to Q2’s $456 Mil. We forecast all three segments to be up quarter-over-quarter.

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