Reviewing Q1 earnings season—
Biggest beats came from those exposed to spreads, with PAA benefitting
from wide crude and NGL differentials in both the Permian and Canada, ENB taking
advantage of crude and natural gas basis spreads, and EPD profiting from Midland-toHouston crude spreads on the converted Seminole line. Similarly, ET’s Crude segment
outperformed on wide Bakken and Permian spreads, DCP’s L&M business generated
gains from higher marketing margins on the Guadalupe asset due to Permian gas
spreads, and SEMG......
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