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The Daley Note 12/8/2020

The Daley Note 12/8/2020

  • KMI Provides 2021 Outlook in Line with East Daley Estimates: Kinder Morgan (KMI) today reported preliminary 2021 Adj. EBITDA guidance that came in below Street consensus but was close to East Daley’s estimates. KMI guided to 2021 Adj. EBITDA of $6,800 million, which is $260 million (~3.7%) below consensus of $7,060 million as of December 7 but in line with East Daley’s 3Q2020 post-earnings model at $6,810 million. (KMI)
  • Don’t Forget the Little Guys: Large-scale egress pipelines have dominated headlines this year regarding new crude infrastructure in the Permian Basin. Yet a handful of smaller players are also making moves on the less-flashy intra-basin systems found in the Permian, such as Lotus Midstream’s newly started August Pipeline.
  • Cold Snap Smacks Oklahoma Production, Tagging OKE and ENLC Volumes: At the crux of different climactic zones in North America, Oklahoma’s temperature changes don’t surprise Sooners or East Daley Capital – we estimate that the Anadarko Basin recently experienced freezing events in late October that will impact midstream throughput for 4Q2020. (OKE) (ENCL)
  • North American Energy Indicators and Equity Prices
  • North American Natural Gas Prices
  • North American Crude Oil Prices
  • North American Natural Gas Liquids Prices