Oil’s nosedive this week dragged midstream lower, allowing the S&P 500 to catch up a bit on a positive week. MLPs were relative outperformers. Guidance increases, new processing plants, implications of the IRA were hot topics on earnings calls this week. Strong earnings season for midstream, but concerns over oil demand were topical this week and the EIA report that eventually came out pressured oil prices this week, and that’s a tough tape to fight for midstream, even with good execution.
Earnings Roundup
There was so much to digest from this week. There were a lot of positive earnings results and guidance increases, plus some capex announcements, updates on buybacks. I tried to put together some summaries below, but it was a ton of information.