East Daley Analytics – Dissecting the Energy Value Chain
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123

Assets

10

Asset Types

6 Commodities

16

Basins

East Daley Analytics Preview and Review Report

East Daley regularly updates Midstream Company Financials. Clients get access to Preview and Review Reports and Models on each company. This is an example of a previous report on Antero Midstream.

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ENERGY TRANSFER on Energy Data Studio

The Energy Data Studio platform’s interactive dashboard allows users to easily navigate weekly, monthly, and quarterly updates to individual producers, midstream assets, and midstream company financials, providing flexibility for working with data. It is available through data downloads from the visual interface, in Excel files, or as direct data delivered into subscribers’ workflow via secure file transfer.

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Lower Gas Prices Dampen Energy Transfer Outlook

Energy Transfer (ET) released earnings on Feb. 15, and while the company beat both East Daley and consensus expectations, 2023 guidance came in well below our forecast. We trace the discrepancy to ET’s exposure to falling natural gas prices.

ET guided to 2023 Adj. EBITDA of $12.9-$13.3 billion, well below East Daley’s estimate of $13.4 billion in our company Financial Blueprint. Our forecast was based on our last Blueprint model released mid-January, when the forward Henry Hub price still averaged $4.26/MMBtu for 2023.

Henry Hub futures have fallen sharply in 2023 on a combination of mild winter weather and strong supply growth. As of Feb. 17, the forward curve averaged $2.86/MMBtu for the year, a 33% drop from our mid-January update ahead of the 4Q22 report.

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The Daley Note

Midstream Insights Delivered Daily

A delayed start to the Louisiana Energy Gateway (LEG) project will cost Williams (WMB) $20MM in earnings this year, according to East Daley...

Federal regulators have given Enbridge (ENB) the green light to start a new pipeline serving an LNG project finishing construction on the...

Moss Lake Partners has surprised the market with its DeLa Express pipeline to move Permian natural gas to Port Arthur, TX and Cameron...

Moss Lake Partners is throwing its hat in the ring to build the next big gas pipeline out of the Permian Basin after the Matterhorn project.

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