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The Daley Note 1/26/2021

The Daley Note 1/26/2021

  • Associated Gas Rises to the Top: Midstream companies in our coverage group will report 4Q20 earnings in the coming month. We expect a few to ride higher WTI and increased oil and associated gas volumes into earnings beats (versus consensus) this quarter.
  •  Enerplus-Bruin Acquisition Comes with Midstream Upside: Enerplus (ERF) said today it will acquire Williston Basin operator Bruin E&P for $465 million in cash, a potentially positive development for midstream companies Crestwood Equity (CEQP), Targa Resources (TRGP), and ONEOK (OKE) that service the two E&Ps in the basin. We also see Summit Midstream’s (SMLP) liquids gathering system potentially benefitting from the acquisition. (ERF), (CEQP), (TRGP), (OKE), (SMLP)
  • North American Energy Indicators and Equity Prices
  • North American Natural Gas Prices
  • North American Crude Oil Prices
  • North American Natural Gas Liquids Prices