The Energy Report
Notable Quotes
"With the LOI signed, we urge investors to bolster positions in FCU." (12/22/15) Fission Uranium Corp. - David Sadowski, Raymond James More >
"FCU is taking the right steps regardless of whether PLS is ultimately acquired or developed into a mine." (12/22/15) Fission Uranium Corp. - Heiko Ihle, Rodman & Renshaw More >
"I am quite excited about POE in 2016." (12/16/15) Pan Orient Energy Corp. - Chen Lin, What Is Chen Buying? What Is Chen Selling? More >
"BKX's Oklahoma asset has significant value." (12/16/15) BNK Petroleum Inc. - Michael Charlton, iA Securities More >
"EFR is one of the few companies in a position to write long-term sales contracts and deliver into them at several times its current production rate." (12/17/15) Energy Fuels Inc. - The Gold Report Interview with Eric Coffin More >
ETP: Adjusting Estimates Post Q2
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RICHARD GROSS, Barclays Capital
(08/13/2010)
"While we reduce near-term distribution growth estimates, our view is that ETP can accelerate distribution growth through execution of larger-scale, high-return projects in Marcellus/Eagle Ford, leveraging its presence in the fast-growing shale play. ETP reported Q2 DCF of $200MM vs. our $214MM. Intrastate segment (~55% of total) saw EBITDA decline 14% YoY driven by 15% drop in transportation volume and drop in East/West Texas basis, which reached $0.12 compared to $0.45 a year ago. While basis improved in July/Aug compared to Q2, we believe it will remain depressed compared to 2007/2008 level. We are reducing 2010 and 2011 EBITDA estimates and forecasting flat distribution growth in 2011 vs. 5% estimated previously. Key upside to our estimates includes larger-scale project contributions from Marcellus and Eagle Ford shales, where ETP has begun to execute smaller-size projects." |
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