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1、CreditSuisseEquityResearchAmericas/UnitedStatesU.S.Midstream&MasterLimitedPartnerships(MLPs)InitiatingCoverageJanuary04,2018RESEARCHANALYSTSKristinaKazarian,MDR212-325-6256kristina.kazarian@credit-suisse.comJohnMackay,VP212-325-6242john.mackay@credit-suisse.c
2、omManavGupta,VP212-325-6617manav.gupta@credit-suisse.comBryanWynn,ANL212-325-2723bryan.wynn@credit-suisse.comGerardPadilla,ANL212-325-3579gerard.padilla@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS
3、,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsCREDITSUISSESECURITIESshouldbeawarethattheFirmRESEARCH&ANALYTICSmayhaveaconflictofinterestthatcould
4、affecttheobjectivityofthisreport.InvestorsshouldconsiderBEYONDINFORMATIONthisreportasonlyasingle™factorinmakingtheirinvestmentdecision.Client-DrivenSolutions,InsightsandAccess1ExecutiveSummaryLaunchingCoverageon35MidstreamStocksWearelaunchingcoverageof35midst
5、reamnamesandweviewoursectorasaplacetoselectivelyownstocks.Wethinkthesectorwillbenefitfromtailwindsasincreasedrigcounts+higherproduction=>a1H18inflectioninmidstreamsectorvolumesdrivingbothhigherassetutilizations+cashflowsandthatcontinuedUSproductiongrowthsetst
6、hestageforfurtherinfrastructurebuild-out=>along-termmidstreamgrowthstory.Thatsaid,webelievethevolumerecoverywon’tbeuniformandbasinswillhavedifferingdynamics(mostpositive:Permian,Marcellus/Utica,SCOOP/STACK).Lastly,andmostimportantlywethinkanemiccapitalmarkets
7、andhigherfinancingcostswillcreateanoverarchingsectorheadwind=>exacerbatingtheriskoferodingprojectreturnsgivenbothhighsector-widecompetitionaswellasadelugeofprivateequitycapitalwaitingtobedeployed.ShiftingModels=BetterDifferentiation,LowerCorrelationManycompan
8、iesareadaptingtomarketconditionsbychangingbusinessmodels.Thesequencingofstepsinvolves:IDRresets,simplifications,andmovestowardself-fundingvs.capitalmarketdependentbusinessmodels.Generally
