Targa Resources sees 2020 adjusted EBITDA $1.5B-$1.63B 06:5708/0608/06/20
Targa Resources reports Q2 revenue $1.52B, consensus $1.62B » 06:5608/0608/06/20
Reports Q2 net income…
Reports Q2 net income $177.1M vs. $48.9M a year ago. Reports Q2 Adjusted EBITDA $351.2M vs. $306.5M a year ago.
NuStar Energy price target raised to $16 from $14 at Mizuho » 06:4508/0508/05/20
Mizuho analyst Gabriel…
Mizuho analyst Gabriel Moreen raised the firm's price target on NuStar Energy to $16 from $14 and keeps a Neutral rating on the shares following the company's Q2 results.
USA Compression cuts FY20 adj. EBITDA view to $395M-$415M from $415M-$435M » 07:2208/0408/04/20
Sees FY20 net loss…
Sees FY20 net loss $600M-$580M. USA Compression said in its Q2 earnings release, "A forward-looking estimate of net cash provided by operating activities is not provided because the items necessary to estimate net cash provided by operating activities, in particular the change in operating assets and liabilities, are not accessible or estimable at this time. The Partnership does not anticipate the changes in operating assets and liabilities to be material, but changes in accounts receivable, accounts payable, accrued liabilities and deferred revenue could be significant, such that the amount of net cash provided by operating activities would vary substantially from the amount of projected Adjusted EBITDA and Distributable Cash Flow."
NuStar Energy reaffirms FY20 adjusted EBITDA view $665M-$735M » 07:1008/0408/04/20
"As the Q2…
"As the Q2 progressed, we saw refined product demand improve. In fact, during the second quarter alone, we moved almost 138 million barrels of crude oil and refined products through our pipelines. And we have seen additional encouraging signs of progress toward recovery in July and thus far in August as well. On average, so far this quarter, we are at about 94% of typical demand across our refined products system, which has improved significantly over the low of approximately 70% we saw in April. Taking all these factors into account, we continue to project that NuStar will generate FY20 adjusted EBITDA of between $665M-$735M, which is the same guidance we provided in May and is, midpoint to midpoint, less than 6% lower than our pre-pandemic guidance," the company said.
NuStar Energy reports Q2 EPS (6c), consensus 13c » 07:0808/0408/04/20
Reports Q2 revenue…
Reports Q2 revenue $339.54M, consensus $363.67M. "Despite the challenges of a global pandemic, a crushing economic downturn, and a historic collapse in crude oil prices, we are very pleased to have generated solid Q2 results, some of which exceeded our Q2 of FY19 results, thanks to our great employees, our world-class assets and our blue-chip, quality customers," said NuStar President and CEO Brad Barron.
USA Compression reports Q2 EPS (10c), consensus (4c) » 07:0608/0408/04/20
Reports Q2 revenue…
Reports Q2 revenue $168.65M, consensus $170.31M. "USA Compression reported a solid second quarter, driven by the stability of our large horsepower business model, a strong customer base and the benefits of certain cost saving and capital spending decisions taken at the end of the first quarter," commented Eric Long, USA Compression's President and CEO. "Business activity, while reduced from earlier in the year and the recent past, continues to reflect the resiliency of natural gas demand in this country. Based on what we are hearing from our customers, we are optimistic that as the remainder of the year plays out, we will see relative stability going forward and potentially some pickup towards the end of 2020." He continued, "We continue to manage through extraordinary times in the energy industry. While we are seeing general business activity picking up as different areas of the country open back up from pandemic-related lockdowns, the general consensus seems to be that things didn't get as bad as many had feared. During the past quarter, we worked with our customers, as we have in previous times of market weakness, to serve as a flexible service provider for their compression requirements. Our current expectations are for the third quarter to represent the low point of this cycle, and we are focused on managing through that period and positioning USA Compression for future quarters. The long-term future for natural gas demand in this country continues to be favorable, and our services fit right in the middle of that dynamic. As some producing areas start to see declines in natural gas volumes, especially in associated gas regions, we expect other areas will make up for any decreases, all in an effort to provide balance to the supply / demand equation. As we noted in past down cycles when gas production comes back online without supportive drilling activity, additional compression services are generally needed to maintain natural gas delivery capability as reservoir pressures decline. This and other factors are the basis for expected improvement for compression services as we look toward 2021. We will continue to be prudent in our capital spending, and look for ways to use our existing fleet of assets to serve customer needs."
|Over a week ago|
Enterprise Products expects 2020 growth CapEx $2.5B-$3.0B » 06:0707/2907/29/20
Enterprise Products expects to invest approximately $2.5B-$3.0B for growth capital projects in 2020 and approximately $300M for sustaining capital expenditures. For 2021 and 2022, Enterprise expects growth capital investments will be reduced from previous guidance to approximately $2.3B and $1.0B, respectively.
Enterprise Products reports Q2 EPS 47c, consensus 48c » 06:0507/2907/29/20
Reports Q2 revenue…
Reports Q2 revenue $5.75B, consensus $7.49B. CEO A.J. Teague said, "Our fee-based businesses, storage assets, marketing business and cost control enabled us to generate $1.6B in distributable cash flow and provide 1.6 times coverage of our cash distribution to partners. Volumetric highlights for Q2 include total pipeline volumes of 9.6 million BPD, on a barrel equivalent basis; record NGL fractionation volumes of 1.2 million BPD; and NGL marine terminal export volumes of 701 MBPD. As prices for certain NGLs, crude oil and refined products fell precipitously during Q2 due to collapsing demand for refined products as a result of the pandemic, our storage services provided valuable flexibility for our customers. During the quarter, we were also able to benefit by using uncontracted storage capacity to capture contango opportunities in NGLs, crude oil and refined products and will continue to see this benefit for the remainder of 2020. (...) During Q2, refining industry utilization rates bottomed in April at approximately 68%, which negatively impacted our propylene fractionation and octane enhancement businesses due to lower feedstock availability and a decrease in international demand, respectively. Currently, the refining industry has recovered to near 80% operating rates, which is supporting a recovery in our propylene fractionation and octane enhancement activities as we begin Q3. With respect to crude oil and natural gas, we are continuing to see production increasing from the lows experienced in May. (...) Looking ahead to Q3, two major assets are scheduled to begin initial service: our eleventh NGL fractionator in the Mont Belvieu-area and the Midland-to-ECHO segment of the Wink to Webster joint venture crude oil pipeline. Our discussions with industry participants regarding potential joint ventures associated with certain of our growth capital projects continue, but have been slowed due to the impacts of COVID-19. While we are encouraged by efforts to reopen the global economy, the pace and the scope of the reopening is uncertain at this time and may extend well into 2021. "
Largest borrow rate increases among liquid names » 08:4507/2707/27/20
TLRD, EOLS, IDEX, LKNCY, AXDX, AMC, ZYNE, EPD, PAYS
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: Tailored Brands (TLRD) 120.17% +3.16, Evolus (EOLS) 33.32% +1.27, Ideanomics (IDEX) 96.78% +0.59, Direxion Daily Homebuilders and Supplies Bull 3X Shares (NAIL) 9.57% +0.41, Luckin Coffee (LKNCY) 47.90% +0.25, Accelerate Diagnostics (AXDX) 69.51% +0.21, AMC Entertainment (AMC) 73.89% +0.19, Zynerba (ZYNE) 18.55% +0.19, Enterprise Products (EPD) 0.40% +0.15, and Paysign (PAYS) 3.89% +0.14.