Analysis, Valuation, & M&A in Oil & Gas: M2 - Midstream Assets: Analysis & Valuation of Gathering & Transmission Assets & Firms
Day 1 M2 - Midstream Assets: Analysis and Valuation of Gathering and Transmission Assets and Firms Many “integrated” oil and gas firms have asset…
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Day 1 M2 - Midstream Assets: Analysis and Valuation of Gathering and Transmission Assets and Firms Many “integrated” oil and gas firms have assets beyond production reserves – such as pipeline “gathering” and transmission networks, known as midstream assets. A worldwide revolution toward the creation of numerous “pure-play” companies in this sector has resulted in enormous capital-raising and M&A activity among pipeline master limited partnerships. The Pipeline Master Limited partnership revolution The role of leverage in MLPs Cashflow metrics - Distribution yield - Price/ earnings - Price/ cash earnings - Price/ distributable cashflow - EV/EBITDA Price/book value Transmission assets as “infrastructure private equity” – inflation hedges Partnerships structures: GPs vs. LPs, incentive agreements Capital-sourcing for MLPs Credit issues for MLP assets Case study: The Kinder Morgan MLP Complex: Kinder-Morgan Partners, Kinder Morgan Inc., and Kinder Morgan Management Course summary and close
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