reports
- Joe Gemino
Select Midstream Companies Under Review Pending Transfer to New Analys...
We are placing our fair value estimates for Oneok, Oneok Partners, Energy Transfer Equity, Energy Transfer Partners, and Sunoco Logistics Partners under review as we transfer coverage to a new analyst. We expect to publish an updated analysis and fair value estimates for Oneok and Oneok Partners by April 25 and updates for Energy Transfer Equity, Energy Transfer Partners, and Sunoco Logistics Partners by May 2....
- Joe Gemino
Sunoco Logistics remains well positioned despite the pullback in crude...
Sunoco Logistics Partners reported weaker-than-expected fourth-quarter results with adjusted EBITDA of $327 million versus consensus estimates of $340 million. In spite of record annual EBITDA and distributable cash flow in 2016, the Partnership posted weaker operating performance in its Crude Oil and Refined Products segments. Much of this stems from limited “Red Bar†earnings opportunities--generally merchant volumes. Nevertheless, the Partnership continued to grow its contracted (“Blue ...
- Joe Gemino
Sunoco Logistics Slightly Disappoints in Tough Finish to 2016; More Ex...
Sunoco Logistics Partners reported weaker-than-expected fourth-quarter results with adjusted EBITDA of $327 million versus consensus estimates of $340 million. In spite of record annual EBITDA and distributable cash flow in 2016, the Partnership posted weaker operating performance in its Crude Oil and Refined Products segments. Much of this stems from limited “Red Bar†earnings opportunities--generally merchant volumes. Nevertheless, the Partnership continued to grow its contracted (“Blue ...
Sunoco Logistics Partners L.P. Filed Form 10-K with the Securities and...
NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)-- Sunoco Logistics Partners L.P. (NYSE: SXL) announced today that the Partnership filed its Annual Report on Form 10-K with the Securities and Exchange Commission on February 24, 2017. A copy of the Annual Report may be found on the Partnership’s website www.sunocologistics.com under “Investors,” “Financial Information.” Unitholders may request a copy of the Partnership’s complete audited financial statements free of charge upon request to [email protected] or by calling toll-free 866-248-4344...
- Joe Gemino
Danger Zone: Coming Shale Growth Poses Major Risks to Oil Prices
OPEC's production cuts and strong demand growth have 2017 crude fundamentals in their best shape since oil prices crashed two years ago. The consensus outlook is that fundamentals are now strong enough to remain healthy even after OPEC's cuts lapse. This might have been possible a few months ago, but the odds of this scenario playing out have markedly worsened since. The reason is that major increases in shale activity now have U.S. production firmly on a path of rapid growth, even if rig counts...
Sunoco Logistics Announces Record Results and Distributable Cash Flow ...
NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)-- Sunoco Logistics Partners L.P. (NYSE: SXL) (the "Partnership") today announced net income attributable to partners for the year ended December 31, 2016 of $705 million ($0.98 per limited partner unit, diluted), compared to $393 million ($0.42 per limited partner unit, diluted) for the prior year period. Adjusted EBITDA for the twelve months ended December 31, 2016 was $1.23 billion, compared to $1.15 billion for the prior year period. Net income attributable to partners for the three months ended...
- Joe Gemino
Sunoco Logistics remains well positioned despite the pullback in crude...
OPEC's announced production cuts this week represent a positive near-term development for world oil markets, removing more than 1 million barrels per day from an oversupplied system. Even after factoring in the inevitable U.S. shale response to higher crude prices, OPEC's cuts point to a meaningful supply deficit next year. Consequently, we are raising our 2017 WTI price to $60 per barrel, up from $50 previously. Improved near-term fundamentals come at a cost, however. Even a modest recovery in ...
Sunoco Logistics Announces Forty-Seventh Successive Quarter over Quart...
NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)-- Sunoco Logistics Partners L.P. (NYSE: SXL) (the “Partnership”) today announced that Sunoco Partners LLC, its general partner, has declared a cash distribution for the fourth quarter 2016 of $0.52 per common unit ($2.08 annualized) to be paid on February 14, 2017 to unit holders of record on February 7, 2017. This represents a nine percent increase over the fourth quarter 2015 cash distribution of $0.479 per common unit ($1.916 annualized). This is the forty-seventh successive quarter the Partners...
- Joe Gemino
Sunoco Logistics remains well positioned despite the pullback in crude...
OPEC's announced production cuts this week represent a positive near-term development for world oil markets, removing more than 1 million barrels per day from an oversupplied system. Even after factoring in the inevitable U.S. shale response to higher crude prices, OPEC's cuts point to a meaningful supply deficit next year. Consequently, we are raising our 2017 WTI price to $60 per barrel, up from $50 previously. Improved near-term fundamentals come at a cost, however. Even a modest recovery in ...
Ford Equity US Rating and Forecast Report
Ford Equity Research covers more than 4,000 stocks using a proprietary quantitative model that evaluates a company’s earnings strength, its relative valuation and recent price movement. Ford’s five recommendation ratings include strong buy, buy, hold, sell, strong sell. For all stocks in our coverage universe, ratings are generated each week and reflect the fundamental and price data as of the last trading day of the week.
- Joe Gemino
Nothing Novel About It: OPEC Adds a Twist to the Plot, but the Ending ...
OPEC's announced production cuts this week represent a positive near-term development for world oil markets, removing more than 1 million barrels per day from an oversupplied system. Even after factoring in the inevitable U.S. shale response to higher crude prices, OPEC's cuts point to a meaningful supply deficit next year. Consequently, we are raising our 2017 WTI price to $60 per barrel, up from $50 previously. Improved near-term fundamentals come at a cost, however. Even a modest recovery in ...
- Joe Gemino
Energy Transfer Family Shrinks to Grow; SXL to Merge with ETP, Creatin...
Before market open on Nov. 21, Sunoco Logistics and Energy Transfer Partners announced a merger agreement wherein SXL will acquire ETP in a unit-for-unit transaction. The conversion rate of 1.5 units of SXL for each ETP unit represents a 10% premium to ETP's weighted-average price for the past 30 trading days. Management expects the deal to be immediately accretive to SXL's distributable cash flow and distribution per unit. The pro forma entity is expected to target near-term distribution growth...
Sunoco Logistics to Acquire Energy Transfer Partners
NEWTOWN SQUARE, Pa. & DALLAS--(BUSINESS WIRE)-- Sunoco Logistics Partners L.P. (NYSE: SXL) and Energy Transfer Partners, L.P. (NYSE: ETP) today announced that they have entered into a merger agreement providing for the acquisition of ETP by SXL in a unit-for-unit transaction. The transaction was approved by the boards of directors and conflicts committees of both partnerships and is expected to close in the first quarter of 2017, subject to receipt of ETP unitholder approval and other customary closing conditions. This Smart News Relea...
- Joe Gemino
Oil and Gas Sector Likely to Fare Well Under Trump Administration
For global energy markets, the potential knock-on impacts of a Donald Trump presidency could be meaningful in a few areas. With respect to U.S. oil and gas producers, we can say that the tail risk for regulation of hydraulic fracturing and methane emissions is now somewhat lower. Thus far, the Environmental Protection Agency has maintained that the systemic environmental impact of hydraulic fracturing is benign. A Trump-led EPA is less likely to reverse this view than a Hillary Clinton-led EPA. ...
- Joe Gemino
Sunoco Logistics' 3Q Roughly In Line; Focus on Setting Table for Permi...
Sunoco Logistics Partners reported third-quarter results slightly behind expectations, with adjusted EBITDA of $312 million versus consensus at $324 million. Nevertheless, we believe positive management commentary about 25% year-on-year growth in "blue bar" contracted earnings and a new joint venture with ExxonMobil in the Permian Basin should support the unit price. Growth in the partnership’s contracted cash flow came from the start of operations on its Delaware Basin Extension, Permian Long...
Sunoco Logistics Announces Results for Third Quarter 2016
NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)-- Sunoco Logistics Partners L.P. (NYSE: SXL) (the "Partnership") today announced net income attributable to partners for the nine months ended September 30, 2016 was $501 million ($0.68 per limited partner unit, diluted), compared to $368 million ($0.66 per limited partner unit, diluted) for the prior year period. Adjusted EBITDA for the nine months ended September 30, 2016 was $906 million, compared to $836 million for the prior year period. Net income attributable to partners for the three months...
Sunoco Logistics Announces Strategic Crude Oil Joint Venture with Exxo...
NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)-- Sunoco Logistics Partners L.P. (NYSE: SXL) today announced a strategic joint venture with ExxonMobil (NYSE: XOM) in which the companies will form Permian Express Partners LLC to combine certain of their key crude oil logistics assets. Sunoco Logistics will contribute its Permian Express 1, Permian Express 2 and Permian Longview and Louisiana Access pipelines. ExxonMobil will contribute: its Longview to Louisiana and Pegasus pipelines; Hawkins gathering system; an idle pipeline in southern Oklahom...
Sunoco Logistics Announces Forty-Sixth Successive Quarter over Quarter...
NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)-- Sunoco Logistics Partners L.P. (NYSE: SXL) (the “Partnership”) today announced that Sunoco Partners LLC, its general partner, has declared a cash distribution for the third quarter 2016 of $0.51 per common unit ($2.04 annualized) to be paid on November 14, 2016 to unit holders of record on November 9, 2016. This represents an 11 percent increase over the third quarter 2015 cash distribution of $0.458 per common unit ($1.83 annualized). This is the forty-sixth successive quarter the Partnership ha...
- Joe Gemino
OPEC Cuts, U.S. E&Ps Drill: Our Oil Price Outlook Remains Unchanged
In a somewhat surprising development, OPEC members have tentatively agreed to a production target of between 32.5 million and 33.3 million barrels per day, representing a reduction of up to 700 mb/d from current production levels of 33.2 mmb/d. Oil prices rallied on the news, but our view for continued low prices of $50/bbl in 2017 (detailed in our Aug. 26 report) remains unchanged, as we do not believe the potential reduction will have a meaningful sustainable impact on oil prices. While the lo...
Sunoco Logistics Partners L.P. Prices Public Offering of Common Units
NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)-- Sunoco Logistics Partners L.P. (NYSE:SXL), announced today that it has priced its previously announced underwritten public offering of 21,000,000 common units at $27.00 per unit. The underwriter of this common unit offering has been granted a 30-day option to purchase up to 3,150,000 additional common units. The offering was made pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (the “SEC”). SXL intends to use the net pr...
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