Midstream Energy | Recovery, Dividends and ESG Considerations

Midstream energy infrastructure continues to offer investors income while benefitting from an ongoing macro recovery and company-specific improvements. Many midstream names are poised to generate meaningful free cash flow in 2021 even after dividends with several having announced buyback authorizations in recent months. Midstream companies, whether structured as corporations or Master Limited Partnerships (MLPs), play a vital role in connecting energy production in the US and Canada with domestic and global demand by transporting, processing, and storing oil, natural gas, and natural gas liquids. With vaccines being rolled out globally and producers remaining disciplined with cuts, oil prices have recovered significantly even as demand improvement remains in early stages. Complementing an improving macro outlook, expected free cash flow generation, buybacks, and discounted valuations make for a compelling total return opportunity. Midstream yields remain elevated at nearly 9%* as of the end of January from predominately investment-grade companies. We’ll be joined by Stacey Morris, Director of Research at Alerian to discuss: • Macro landscape • Midstream outlook and dividend update • ESG Considerations • Valuations of midstream companies • Q&A *Source: Alerian. Data as of 31.01.21. Past performance is no guarantee of future performance. For professional investors only. Capital at risk.