油价反弹支撑中游板块

据今日油价6月19日报道，自3月低点以来，油气行业的中游板块已收复了大部分失地。尽管今年石油行业整体仍处于下跌状态，但AMEI指数今年迄今为止下跌了19.5%，不过仍好于其他所有主要能源板块基准指数。

独立能源基础设施和master limited partnership (MLP)市场情报数据提供商Alerian的最新研究报告讨论了今年中游板块的“过山车”式行情。报告指出，从12月31日到3月18日的低点，Alerian MLP基础设施指数(AMZI)下跌了67.4%，略高于西德克萨斯中质原油(WTI)价格的66.6%跌幅。

自3月份以来，有几个因素推动了中游板块经济的复苏。最重要的因素可能是油价反弹，加上欧佩克同意大幅抑制石油产量，然后延长减产。

但Alerian亦指出，20 20年第一季度财报季前及期间有建设性的公司业绩报告，以及大型企业有弹性的营收可能支撑市场。3月联邦基金利率降至零也被认为是促使投资者寻求从中游行业获得更高收益的潜在因素。

麦哲伦中游公司和能源转移公司都是反对杠杆率上升趋势的公司，因此他们可能会发现自己能够更好地承受削减分配的压力。

如前所述，许多中游公司将首先通过削减资本支出来应对收入的下降。Alerian写道:“2020年，从每个MLP的初始指导到当前指导的平均支出减少百分比为-24.1%，而美国证券投资协会的成员预计在今年的初始指引基础上再削减支出22.5%。”

本季度的财务业绩可能是人们记忆中最糟糕的，但投资者似乎已经将这些因素考虑在内了。鉴于中游行业在当前危机中为支撑其财务指标所采取的措施，该行业继续提供了一个令人信服的收入主张，且风险比大多数能源行业要小。

邹勤 摘译自 今日油价

原文如下：

Rebound In Oil Prices Helps Prop Up Midstream Sector

Since the March lows, the midstream sector of the oil and gas industry has recovered most of its losses. While the overall sector is still down for the year, the 19.5% year-to-date loss in the Alerian Midstream Energy Select Index (AMEI) is still better than all other major energy sector benchmarks.

The latest research note from independent energy infrastructure and master limited partnership (MLP) market intelligence data provider Alerian discusses this year’s roller coaster in the midstream sector. The report notes that from December 31 to the low on March 18, the Alerian MLP Infrastructure Index (AMZI) decreased 67.4%, slightly more than the 66.6% decline in the price of West Texas Intermediate (WTI).

Since March, several factors have helped drive the midstream recovery. The rebound in oil prices, aided by OPEC’s agreement to substantially curb oil output and then to extended those cuts was probably the most significant factor.

But Alerian also identified “constructive company updates before and during 1Q20 earnings season and resilient distributions from larger names” as having likely supported performance. The federal funds rate cut to zero in March was also identified as a potential factor driving investors to seek higher income from the midstream sector.

Magellan Midstream and Energy Transfer are among those bucking the trend of increasing leverage and hence may find themselves better able to withstand the pressure to cut distributions.

As noted previously, many midstream companies will first try to cope with falling revenues by cutting capital expenditures. Alerian writes that “the average percent reduction in 2020 spending from each MLP’s initial guidance to current guidance is -24.1%, while the constituents of the AMEI expect to reduce spending by an additional -22.5% over initial guidance for this year.”

This quarter’s financial results will likely be the worst in memory, but investors seem to have already taken those into account. Given the moves the midstream sector has made to shore up its financial metrics in this ongoing crisis, the sector continues to offer a compelling income proposition with less risk than most of the energy sector.