Published Date: August 1, 2024
Author: HANetf
North American midstream continues to enjoy tailwinds from free cash flow generation, while prioritizing returning excess cash to shareholders through both dividends and buybacks. As of 28 June, MMLP’s underlying index, AEDW, was yielding 6.4%, and constituents in aggregate have spent almost $10 billion on equity repurchases since 2022.
US and Canadian energy infrastructure names saw macro and company-level tailwinds in June, as WTI oil prices rebounded 5.9% and companies executed on growth opportunities.
MMLP’s underlying index, AEDW, rose 1.96% on a net-total-return basis in June, outperforming the Energy Select Sector Index (IXE) and the Stoxx Europe 600 Oil & Gas Index (SXEP), which both declined modestly during the month. AEDW is up 14.7% on a net-total-return basis through the first half of the year, outperforming both the IXE and SXEP.
As of 1 July, US liquids pipeline operators can increase their rates for regulated, interstate pipelines using an inflation-based index. Per the Federal Energy Regulatory Commission’s (FERC) Oil Pipeline Index, pipeline tariffs can be increased by up to 1.2%. While modest, the adjustment provides pipeline operators with incremental upside that can help offset rising costs during periods of inflation.
The long-term outlook for North American energy infrastructure companies is constructive. As shown in the charts below, forecasts for US energy production and exports through 2050 reflect expectations for growth. Volumes are expected to eventually stabilize above current production and export levels. These projections bode well for the companies in AEDW, which own and operate critical energy infrastructure, including export terminals. These volumes should support sustained cash flow generation for midstream companies.
Source: EIA, 2023. Chart shows expected data. For illustrative purposes only.
Energy Transfer (ET, 10.0% Weight) reached a final investment decision for a new natural gas processing plant in the Permian. Separately, ET announced the BANGL pipeline will not be part of its acquisition of Permian gathering & processing company WTG Midstream, and the purchase price was lowered to $3.075 billion. ET still expects accretion from the deal of $0.04/unit in 2025, rising to $0.07/unit in 2027.
Enbridge Inc (ENB CN, 9.9% Weight) is moving forward with the Seven Stars Energy Project, a 200 MW wind energy project in Saskatchewan. The project is being developed together with Six Nations Energy Development LP, a newly created consortium of Canadian Indigenous communities.
Enterprise Products Partners (EPD, 9.5% Weight) is holding a binding open season for an expansion of its diluent pipeline system, which runs from Mont Belvieu, Texas, to the Chicago-area market where it connects into third-party pipelines to Canada. If sufficient commitments are received, expanded service is anticipated for July 2025.
Pembina Pipeline Corp (PPL CN, 3.5% Weight), along with its partner, announced a final investment decision for the floating Cedar LNG export project off the west coast of Canada. The 3.3 million ton per annum project is expected to begin operations in late 2028.
Cheniere Energy (LNG, 1.4% Weight) increased its buyback authorization by $4 billion through 2027 and plans to increase its dividend by 15% beginning in 3Q24, in line with the objectives of its long-term capital allocation plan announced in 2022.
Equitrans Midstream (ETRN, 0.8% Weight) began operations of the 300-mile Mountain Valley Pipeline, which connects natural gas production from the Marcellus and Utica with demand along the East Coast.
Scorpio Tankers (STNG, 0.3% Weight) repurchased $50.2 million in common equity, with approximately $200 million remaining under its security repurchase program.
Additional sources available upon request. Data as of 30/06/2024. Please remember that all performance figures are showing net data. Past performance is not indicative of future performance, and when you invest in ETFs your capital is at risk.
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 30/06/2024
Performance before inception is based on back tested data. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such strategy would have been. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs and ETCs, your capital is at risk.
This report was written by, and is the opinion of VettaFi, the index provider of the Alerian Midstream Energy Dividend Index, the underlying index of MMLP. VettaFi does not issue, sponsor, endorse, sell, or promote MMLP.
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