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1、COREEquityResearch5March2020NorthAmericaNaturalGasandRefiningINITIATINGCOVERAGESamesame,butdifferentNorthAmericaNaturalGasandRefiningFinancialprudence,balancesheetssetCanadaapart.WeinitiatecoverageonfourNEUTRALCanadianMidstreamcompanies–GEI,IPL,KEY,andPPL–which,along
2、withENBandUnchangedTRP(coveredbyChristineCho),representthebulkofthemidstreamexposuretooneofForafulllistofourratings,pricetargetsandNorthAmerica’slargestproductionregionsintheWesternCanadianSedimentaryBasinearningsinthisreport,pleaseseetableon(WCSB).ToUSinvestorswhoma
3、ybeunacquaintedwiththisgroup,thefournewpage2nameslookalotlikethelargerUSmidstreamplayers,butcarrykeydifferencesthatwebelieveadddefining,attractiveelementstotheinvestmentofferings.AllfourcompaniesNorthAmericaNaturalGasandRefiningcarryIG-ratedbalancesheets,havelowerpay
4、outratios,haveverylong-termassetChristopherTillett,CFAcontracts,aretrueC-corps,andarepositionedtopursuemeaningfulassetandearnings+12125264823expansionopportunities.Ingeneral,wethinkthesecharacteristicsshouldmakeforchristopher.tillett@barclays.comattractiveinvestments
5、relativetotheUScounterparts,whichrunthegambitofgrowth,BCI,USgovernance,andstability.Fromaratingsstandpoint,welikethecompanieswithaclearChristineCho,CFAlineofsighttomaintainingandstrengtheningtheseattributes,whileprotecting+12125268419competitiveadvantagesandcompeting
6、forhigh-returnprojects.christine.cho@barclays.comBCI,USGEI:Overweight,C$29.Gibson’sassetfootprintisprimarilyhydrocarbonterminalsintheAlbertahubsofHardistyandEdmonton.WithcomplexcrudegradescomingoutofHeatherGorniktheOilSands,growingMontney/Duvernayproduction,andongoin
7、gmandated+12125269237curtailmentsintheregion,wethinkGEIiswell-positionedtoplayamajorroleintheheather.gornik@barclays.comBCI,USevolvingfutureoftheWCSB.IPL:EqualWeight,C$22.IPL’sOilSandspipesarebackstoppedbyverylong-termcontracts,butthecompanydoescarrysomeearningsvolat
8、ilityinitsNGLProcessingsegment.Inaddition,IPL’sleverageremainselevatedasitworksthroughthebuildoutalnofitsC$3.5bnpetchemcomplexandlo
