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Msg  104949 of 108425  at  7/12/2019 12:26:18 PM  by

tulsatea


Midstream Observations--Efficiency Analysis

WFS----- Midstream Top 20 Observations. We also looked at the data for the midstream top 20 (see Exhibit 3 – we excluded LNG, ETRN, and PAGP). Once again, the sponsored MLPs screen best on EBITDA per employee (AM, WES, EQM, and PSXP) but we would largely discount this data. For the truly standalone companies (remember, we’re looking at 2018 data), TRP, EPD, ENB and OKE stand out, while PAA, TRGP, KMI and ANDX are the bottom 4 and below the median. TGE, KMI, OKE and MPLX have the lowest opex and G&A expenses per employee. On gross PP&E per employee (excluding sponsored names), the standouts are TRP, ENB, EPD and WMB. In terms of EBITDA margin, (excluding sponsored names), the highest margin companies are: TGE, OKE, EPD and KMI. Sifting through all the data here, OKE, KMI, and TGE stand out as having the high margins and low operating costs.


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