Midstream & Pipelines
Midstream and pipeline operators run toll-like, largely contracted assets that throw off steady cash. The lens is distributable cash flow (DCF) yield, dividend coverage, leverage and the regulatory and build-out risk around major infrastructure projects.
Reports in Midstream & Pipelines
TC Energy
A continent-spanning natural-gas pipeline and power operator delivering low-risk, take-or-pay cash flows and a ~3.7% dividend, now riding rising gas demand from LNG and data centres.
Pembina Pipeline
A Western Canadian midstream operator moving and processing oil, gas and NGLs on fee-based contracts, backing a ~4% dividend from stable cash flow.
South Bow
The spun-off Keystone crude-pipeline pure-play, built to be a high-payout, low-growth toll collector on Canada-to-U.S. heavy oil.
Keyera
An Alberta NGL and gas-gathering integrator whose fee-for-service backbone is masked by volatile marketing and non-cash mark-to-market swings.
Gibson Energy
A crude-oil terminals and infrastructure operator anchored at Hardisty, with a large but low-margin marketing business inflating the revenue line.
AltaGas
A hybrid of regulated U.S. gas utilities and Western Canadian midstream/LPG-export infrastructure, straddling two very different business models.