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1、USMidstream&MasterLimitedPartnerships(MLPs)TakeMeBack—I’veChangedInitiatingCoverageOctober10,2018ResearchAnalystsSpiroM.Dounis,CFA212-325-3463spiro.dounis@credit-suisse.comJohnR.Mackay,CFA212-325-6242john.mackay@credit-suisse.comManavGupta212-325-6617manav.gupta@c
2、redit-suisse.comDougB.Irwin212-325-6850douglas.irwin.2@credit-suisse.comCharlesBryant212-325-4938charles.bryant@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANAL
3、YSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmaki
4、ngtheirinvestmentdecision.TableofContentsExecutiveSummary3KeyTheme:USExports6WhereWeAreintheCycle15EvolutionoftheMLPStructure22MidstreamValuationOverview25CommodityOutlook30BasinOverviewsandTakeawayOptions35RiskstoourThesis45CompanySections47ValuationSummaries114D
5、isclosures119October10,20184ExecutiveSummaryInitiatingCoverageof39MidstreamStocks§Weinitiatecoverageofthe39midstreamstockswithaconstructiveviewforthesector.§Ourconstructiveviewisbasedonthefollowingfactors:(1)domesticoilandgasproductionactivityisexpectedtoremainstr
6、ongand(2)midstreamstocksappearundervaluedonseveralmetrics.§Strategically,wepreferstockswithleveragetoexportmarkets.Weexpectthevastmajorityofmarginalproductionforcrude,refinedproducts,NGLs,andLNGtoclearthroughtheexports.Giventhesmallbutgrowingfootprintoftheexportma
7、rket,weseeexportsasaleveredwaytogainexposuretostrongUSoilandgasproductiongrowth.§Midstreamstocksarestillundergoinganevolutiontobecomemoreinvestorfriendlybysimplifyingtheirstructures,removingIncentiveDistributionRights(IDRs),andimprovingcorporategovernance.Whilepro
8、gresshasbeenmade,westillseeconsiderableroomforimprovement,whichwebelieveservesasapositivecatalystforvaluation.Weexpectthisevolutiontoresultinawiderinves
