What is Spotlight?

Spotlight reports are part of the Drill Down report series included with a Backstage Pass subscription. Spotlight reports provide a deep dive into the fundamentals that shape the outlook for midstream energy companies. In each report we “Spotlight” a midstream energy firm, usually one operating within an MLP structure. Our goal is to provide a comprehensive, fundamental- based view of our Spotlight companies based on a bottoms-up analysis of their assets and operations. We break down their asset structure to reveal what volumes are flowing, what rates are (and can be) charged, how they are exposed to commodity price risk, how their assets fit together, and what aspects of their operations provide competitive advantages in today’s extremely volatile energy marketplace.

Who Publishes Spotlight?

Spotlight is a joint venture of RBN Energy, LLC and East Daley Capital Advisors, Inc. We have joined together with the support of Oil & Gas Financial Analytics, LLC to provide a comprehensive, detailed insight into the companies we select for our analysis. We use publicly available data, combined with the deep experience of our combined teams to get to the answers that can be overlooked in the more high-level assessments that are in the marketplace today. Instead of such a high-level approach, we get into the micro-level detail, integrating fundamentals data, market data, and company data in a comprehensive model that provides a clear picture of the company and its prospects.

Where Does Spotlight Data Come From?

As with all energy fundamental analysis, Spotlight reports rely on estimates and approximations of volumes, throughputs, and fees. No non-public data from the subject company or any other source has been used in the preparation of this report.

Spotlight Live Sessions

Spotlight Live Sessions are live online events, with senior members of the RBN and East Daley Capital teams, presenting key take-aways and answering questions from the audience about the latest Spotlight report.

How can I get Spotlight?

Spotlight is available to RBN Backstage Pass subscribers. Non-subscribers may purchase individual company Spotlight reports separately.

Spotlight Reports

Title Post date
Spotlight: Targa Resources Nov 2, 2022
Spotlight: Western Midstream Partners Jun 8, 2022
Spotlight: Kinder Morgan, Inc. Dec 8, 2021
Spotlight: Plains All American – Plains Targets Long-Term Growth from Key Permian Infrastructure Aug 31, 2021
Spotlight Live Sessions Aug 30, 2021
Spotlight: TC Energy Corp. - Company Challenged to Refocus Growth Plans After KXL Setback Apr 5, 2021
Spotlight: Pembina Pipeline Corp. – Canadian Midstreamer Follows Expansion Spree with Financial Discipline Dec 4, 2020
Spotlight: Enbridge, Inc. – Midstream Giant Continues Shift to Regulated Pipeline/Utility Business Model Sep 15, 2020
Spotlight: Targa Resources’ Integrated Infrastructure to Sustain Profits Despite E&P Meltdown Jun 8, 2020
Spotlight: NuStar Energy: Strong Permian Assets Support Growth in EBITDA Feb 19, 2020
Spotlight: EnLink Midstream - Strong Anadarko and Permian Growth Dec 20, 2017
Spotlight: Plains All American (PAA) Sep 6, 2017
Spotlight: Enterprise Products Partners (EPD) - Part Two: Crude Oil and Natural Gas Pipelines & Services; Petrochemical & Refined Products Services Jul 5, 2017
Spotlight: Enterprise Products Partners (EPD) - Natural Gas Liquids Pipelines & Services Jun 5, 2017
Spotlight: MPLX LP - On the Cusp of Another Major Transformation Dec 19, 2016
Spotlight: Enable Midstream Partners - Attractive Position in SCOOP/STACK Offset by Weak Position in Fayetteville/Haynesville Sep 7, 2016
Spotlight: Energy Transfer Partners Part 2 - Midstream and Liquids Jul 19, 2016
Spotlight: Energy Transfer Partners Part 1 - Natural Gas Pipeline and Storage May 11, 2016
Spotlight: DCP Midstream Partners - We Get Back Up Again Feb 23, 2016
Spotlight: ONEOK Partners - No Sleep Till Bushton Dec 16, 2015