Oil & Gas Storage & Transportation


I always look at economics of the business
A bird in the hand is worth 2 in the bush and the question is how sure are you there are 2 in the bush and how long you have to wait to get them out
1. How many birds are in the bush?
2. When you gonna get them out?
3. How sure are you?
If interest rates are 15% roughly you've got 2 birds out of bush in 5 years equal to bird in the hand but if interest rates are 3% and you can get 2 birds out in 20 years it still makes sense to give up the bird in the hand because it's all gets back to discounting an interest rate. Often you don't know not only how many birds in the bush but in the case of internet companies there were not any birds in the bush but they still take the bird that you give them from the hand
Loop through all the subindustries and try to understand how many birds are in the bush from the perspective of economics of the business

Revenue

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP grow per year to compare with Revenue Change
1. Ultrapar Participações S.A UGP1,0069938461,3821,8022,0112,24611,19812,19520,72625,54426,12426,33325,81325,50075,65577,35379,23090,69889,298
2. Energy Transfer LP ET6,1697,8596,7929,2935,4176,5468,23516,96448,33555,69142,12637,50440,52354,08754,213
3. Enbridge Inc ENB1,9742,5442,8923,7435,4377,2509,13011,95913,25711,85015,17319,02725,50530,98732,39133,79434,56044,37846,37850,069
4. Transportadora de Gas del Sur S.A TGS4805452673043343514273994124204164315254415044,2277,40219,95352,39948,561
5. Plains All American Pipeline, L.P PAA6,6416,8688,38412,59020,97531,17722,44420,39430,06118,52025,89334,27537,79742,24943,46423,15220,18226,22334,05533,669
6. Plains GP Holdings, L.P PAGP34,27537,79742,24943,46423,15220,18226,22334,05533,669
7. Enterprise Products Partners L.P EPD3,0493,1543,5855,3468,32112,25713,92716,91421,90625,56233,80144,35942,64747,89448,21127,40223,38429,66837,01433,352
8. NGL Energy Partners LP NGL7357369391,3104,4189,69916,76111,42113,23117,38823,9837,322
9. Sunoco LP SUN2,6843,8204,2774,4935,38212,43015,69811,72316,99416,596
10. TC Energy Corporation TRP14,1813,2973,3154,1304,2455,2526,4508,8577,0838,5238,0888,9628,0708,2818,76411,35312,54713,44913,67913,255
11. Kinder Morgan, Inc KMI2,7141,0551,0151,0981,1651,58611,84610,56012,0957,1858,1918,2659,97314,07016,22614,40313,05813,70514,14413,209
12. Global Partners LP GLP2,4783,1884,0464,4726,7589,0195,8187,80214,83617,62619,59017,27010,3158,2408,92112,67313,082
13. ONEOK, Inc OKE6,6436,8032,1042,9995,98812,67611,89613,47716,15711,11613,04914,80512,65314,60312,1957,7638,92112,17412,59310,164
14. Cheniere Energy, Inc LNG5.322.370.240.6623.012.370.657.141812922902662672682711,2835,6017,9879,730
15. Targa Resources Corp TRGP07,9664,5135,4646,9955,8866,5568,6176,6596,6918,81510,4848,671
16. The Williams Companies, Inc WMB10,11011,0355,60816,83412,46112,58411,81310,55812,3528,2559,6167,9307,4866,8607,6377,3607,4998,0318,6868,201
17. MPLX LP MPLX4044118354825486682,3803,5715,8918,190
18. DCP Midstream, LP DCP4735107857969611,2141,0081,2781,5771,7212,9803,6421,8981,4978,4629,8227,625
19. Gibson Energy Inc GBNXF3,2833,6894,9744,9526,5347,3785,4054,5945,6606,8477,336
20. Pembina Pipeline Corporation PBA911201431872312492885065557721,2591,6443,4544,7305,2224,6354,2655,4007,3517,230
21. Cheniere Energy Partners, L.P CQP000154173992842642682692701,1004,3046,2866,838
22. EnLink Midstream, LLC ENLC2,3913,5004,4524,2525,7407,6996,053
23. Keyera Corp KEYUF06191,0191,1741,4841,7881,4691,9482,5202,9653,0853,1182,5212,5093,4134,4653,617
24. Sprague Resources LP SRLP3,7974,0444,6015,0703,4822,3902,8553,7713,502
25. Crestwood Equity Partners LP CEQP3634831,0501,3881,4831,8791,5711,7862,1542,0071,4273,9312,6332,5213,8153,6543,182
26. Western Midstream Partners, LP WES811163122455036648491,0541,2691,6331,8832,3342,1432,984
27. Enable Midstream Partners, LP ENBL9329522,4893,3672,4182,2722,8033,4312,960
28. Magellan Midstream Partners, L.P MMP72864344856951,1371,2241,3181,2131,0141,5631,7551,7751,8982,3042,2552,2842,6293,0082,897
29. Inter Pipeline Ltd IPPLF5658611374017958671,1491,0068791,0001,1291,1961,2831,3391,6761,8252,2612,5932,535
30. Genesis Energy, L.P GEL4,3253,3409126589271,0799181,2002,1421,4352,1013,0904,0704,1353,8462,2471,7122,0282,9132,481
31. Teekay Corporation TK8931,0397831,5762,2191,9552,0132,3963,1942,1722,0101,9541,9561,8301,9942,4502,3291,8801,7281,945
32. Equitrans Midstream Corporation ETRN6337328961,4951,630
33. Grupo TMM, S.A.B GTMAY3591,0001,0099382513072483033633083052692572171953,2622,6472,4651,5231,476
34. Phillips 66 Partners LP PSXP7680107229271759946351,126
35. Frontline Ltd FRO134240459754646742957
36. Teekay Tankers Ltd TNK125153146144113134110186162226535551431776944
37. Euronav NV EURN331316485847684513600932
38. Hess Midstream LP HESM255565510566662848
39. Martin Midstream Partners L.P MMLP2001631501932944385767661,2146619121,2371,4901,6341,6421,037827946973847
40. Antero Midstream Corporation AM0.6522961.26000793
41. Scorpio Tankers Inc STNG3039283982115208343756523513585704
42. Noble Midstream Partners LP NBLX2.0988161239496704
43. Tidewater Midstream and Infrastructure Ltd TWMIF24110222324692
44. GasLog Ltd GLOG00406669157329415466525618669
45. Teekay LNG Partners L.P TGP87124145183268304326374380392399403398396433511601
46. Tsakos Energy Navigation Limited TNP106119124230305284428501623445408395394418501588482529530597
47. Delek Logistics Partners, LP DKL5047441,023907841590448538658584
48. Diamond S Shipping Inc DSSI355128304132303275580
49. DHT Holdings, Inc DHT661361048781115103901009787151365356355376535
50. Holly Energy Partners, L.P HEP2431688089105118147182214293305333359402454506533
51. Shell Midstream Partners, L.P SHLX11392182327291470525503
52. SFL Corporation Ltd SFL496360727503458429408486426380374393329408407413381419459
53. Golar LNG Limited GLNG11311413113316317124022522921724430041010010610380144431449
54. Rattler Midstream LP RTLR10.6139184448
55. Summit Midstream Partners, LP SMLP32104166243331371402489507444
56. Oasis Midstream Partners LP OMP105121182272410
57. TC PipeLines, LP TCP0000000.9273268697065341336344357422549403
58. GasLog Partners LP GLOP064184249229229311311356380
59. Blueknight Energy Partners, L.P BKEP202975192157153177182196189180177182385371
60. International Seaways, Inc INSW517498398290270366
61. Overseas Shipholding Group, Inc OSG4684692974548111,0001,0471,1291,7051,0941,0461,0501,1241,016957467462390366356
62. PBF Logistics LP PBFX050142187255283340
63. Nordic American Tankers Limited NAT372818.06376711717618722812412695131244351446357297124317
64. Navigator Holdings Ltd NVGS89147238305315294299310301
65. Golar LNG Partners LP GMLP00120153204287329396435442433347300
66. KNOT Offshore Partners LP KNOP446275113155174219279283
67. Navios Maritime Acquisition Corporation NNA0034122151202265313290227188280
68. Ardmore Shipping Corporation ASC22253667158164196210230
69. Dorian LPG Ltd LPG353930104289167159158333
70. Höegh LNG Partners LP HMLP5.5151755791144147145
71. StealthGas Inc GASS377390113113111118119121132141144154164144
72. Dynagas LNG Partners LP DLNG537886108145170139127131
73. BP Midstream Partners LP BPMP107103108116128
74. USD Partners LP USDP25263887111111119114
75. Capital Product Partners L.P CPLP015.0873132123125130154171193220242249279108
76. Green Plains Partners LP GPP11.0312.8443951019482
77. Sanchez Midstream Partners LP SNMP2637761631431511055944776871888477
78. Top Ships Inc TOPS11.432394244310252257108914131203.613.0828394166
79. Kayne Anderson Energy Infrastructure Fund, Inc KYN32914817.72497311.41212549
80. CrossAmerica Partners LP CAPL1,6291,8841,9352,6692,2281,8862,11314.9514.77
81. NextDecade Corporation NEXT000000
82. Central Energy Partners LP ENGY351210.915.9113.826.946.356.845.474.755.08
83. Able Energy, Inc ABLE3234274643627594276
84. Fuelstream, Inc FLST00.270.620.660.830.640.340.030.030001.050.030.69
85. Adino Energy Corporation ADNY0.08001.250.0300.761.972.092.190.060.280
86. Energem Resources Inc ENMFF4.260861522504902255
87. Tidelands Oil & Gas Corporation TIDE0.171.060.710.181.881.862.220


Revenue Growth

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP growth per year to compare with Revenue Change
1. Ultrapar Participações S.A UGP0.990.990.851.631.31.121.124.991.091.71.231.021.010.980.992.971.021.021.140.98
2. Energy Transfer LP ET1.271.270.861.370.581.211.262.062.851.150.760.891.081.331
3. Enbridge Inc ENB1.291.291.141.291.451.331.261.311.110.891.281.251.341.211.051.041.021.281.051.08
4. Transportadora de Gas del Sur S.A TGS1.131.130.491.141.11.051.220.941.031.020.991.041.220.841.148.391.752.72.630.93
5. Plains All American Pipeline, L.P PAA1.031.031.221.51.671.490.720.911.470.621.41.321.11.121.030.530.871.31.30.99
6. Plains GP Holdings, L.P PAGP1.11.11.121.030.530.871.31.30.99
7. Enterprise Products Partners L.P EPD1.031.031.141.491.561.471.141.211.31.171.321.310.961.121.010.570.851.271.250.9
8. NGL Energy Partners LP NGL111.281.43.372.21.730.681.161.311.380.31
9. Sunoco LP SUN1.421.421.121.051.22.311.260.751.450.98
10. TC Energy Corporation TRP0.230.231.011.251.031.241.231.370.81.20.951.110.91.031.061.31.111.071.020.97
11. Kinder Morgan, Inc KMI0.390.390.961.081.061.367.470.891.150.591.141.011.211.411.150.890.911.051.030.93
12. Global Partners LP GLP1.291.291.271.111.511.330.651.341.91.191.110.880.60.81.081.421.03
13. ONEOK, Inc OKE1.021.020.311.4322.120.941.131.20.691.171.130.851.150.840.641.151.361.030.81
14. Cheniere Energy, Inc LNG0.450.450.12.753.041.50.790.2711.0425.351.6110.92111.014.744.361.431.22
15. Targa Resources Corp TRGPINFINF0.571.211.280.841.111.310.7711.321.190.83
16. The Williams Companies, Inc WMB1.091.090.5130.741.010.940.891.170.671.160.820.940.921.110.961.021.071.080.94
17. MPLX LP MPLX1.021.022.030.581.141.223.561.51.651.39
18. DCP Midstream, LP DCP1.081.081.541.011.211.260.831.271.231.091.731.220.520.795.651.160.78
19. Gibson Energy Inc GBNXF1.121.121.3511.321.130.730.851.231.211.07
20. Pembina Pipeline Corporation PBA1.321.321.191.311.231.081.161.761.11.391.631.312.11.371.10.890.921.271.360.98
21. Cheniere Energy Partners, L.P CQPNANNANNANINF27.790.960.710.931.01114.073.911.461.09
22. EnLink Midstream, LLC ENLC1.461.461.270.961.351.340.79
23. Keyera Corp KEYUFINFINF1.641.151.261.20.821.331.291.181.041.010.8111.361.310.81
24. Sprague Resources LP SRLP1.061.061.141.10.690.691.191.320.93
25. Crestwood Equity Partners LP CEQP1.331.332.181.321.071.270.841.141.210.930.712.760.670.961.510.960.87
26. Western Midstream Partners, LP WES1.431.432.680.792.051.321.281.241.21.291.151.240.921.39
27. Enable Midstream Partners, LP ENBL1.021.022.611.350.720.941.231.220.86
28. Magellan Midstream Partners, L.P MMP1.191.195.051.121.431.641.081.080.920.841.541.121.011.071.210.981.011.151.140.96
29. Inter Pipeline Ltd IPPLF1.041.041.062.242.931.981.091.320.880.871.141.131.061.071.041.251.091.241.150.98
30. Genesis Energy, L.P GEL0.770.770.270.721.411.160.851.311.790.671.461.471.321.020.930.580.761.181.440.85
31. Teekay Corporation TK1.161.160.752.011.410.881.031.191.330.680.930.9710.941.091.230.950.810.921.13
32. Equitrans Midstream Corporation ETRN1.161.161.221.671.09
33. Grupo TMM, S.A.B GTMAY2.792.791.010.930.271.220.811.221.20.850.990.880.960.840.916.760.810.930.620.97
34. Phillips 66 Partners LP PSXP1.051.051.332.141.182.81.250.0432.17
35. Frontline Ltd FRO1.791.791.911.640.861.151.29
36. Teekay Tankers Ltd TNK1.221.220.960.990.791.180.821.70.871.392.361.030.781.81.22
37. Euronav NV EURN0.950.951.541.740.810.751.171.55
38. Hess Midstream LP HESM2.222.220.91.111.171.28
39. Martin Midstream Partners L.P MMLP0.820.820.921.291.531.491.311.331.590.541.381.361.21.11.010.630.81.141.030.87
40. Antero Midstream Corporation AM34.5634.564.280.010NANNANINF
41. Scorpio Tankers Inc STNG1.31.30.71.42.121.411.81.652.20.690.981.141.2
42. Noble Midstream Partners LP NBLX42.1142.111.831.492.071.42
43. Tidewater Midstream and Infrastructure Ltd TWMIF4.674.672.021.462.13
44. GasLog Ltd GLOGNANNANINF1.671.032.292.091.261.121.131.181.08
45. Teekay LNG Partners L.P TGP1.431.431.171.261.471.131.071.151.021.031.021.010.9911.091.181.18
46. Tsakos Energy Navigation Limited TNP1.111.111.041.861.330.931.511.171.240.710.920.9711.061.21.170.821.111.13
47. Delek Logistics Partners, LP DKL1.481.481.370.890.930.70.761.21.220.89
48. Diamond S Shipping Inc DSSI0.360.362.370.442.290.912.1
49. DHT Holdings, Inc DHT2.072.070.760.840.941.410.90.871.120.970.91.732.420.9811.061.42
50. Holly Energy Partners, L.P HEP1.311.312.21.181.111.181.121.241.241.171.371.041.091.081.121.131.111.05
51. Shell Midstream Partners, L.P SHLX0.810.811.991.790.891.611.120.96
52. SFL Corporation Ltd SFL0.730.732.020.690.910.940.951.190.880.890.981.050.841.2411.020.921.11.1
53. Golar LNG Limited GLNG1.011.011.141.021.231.051.40.941.020.951.131.231.370.241.060.970.781.7931.04
54. Rattler Midstream LP RTLR3.73.74.692.43
55. Summit Midstream Partners, LP SMLP3.273.271.61.471.361.121.081.211.040.88
56. Oasis Midstream Partners LP OMP1.151.151.511.491.51
57. TC PipeLines, LP TCPNANNANNANNANNANNANINF30.221.162.151.021.020.925.250.991.021.041.181.30.73
58. GasLog Partners LP GLOPINFINF2.871.350.9211.3611.141.07
59. Blueknight Energy Partners, L.P BKEP1.421.422.592.580.820.971.161.031.070.970.950.991.032.120.96
60. International Seaways, Inc INSW0.960.960.80.730.931.35
61. Overseas Shipholding Group, Inc OSG110.631.531.791.231.051.081.510.640.9611.070.90.940.490.990.840.940.97
62. PBF Logistics LP PBFXINFINF2.851.321.361.111.2
63. Nordic American Tankers Limited NAT0.780.780.642.071.81.741.51.071.220.551.020.751.381.861.441.270.80.830.422.56
64. Navigator Holdings Ltd NVGS1.651.651.621.281.030.931.021.040.97
65. Golar LNG Partners LP GMLPNANNANINF1.271.331.411.151.21.11.020.980.80.86
66. KNOT Offshore Partners LP KNOP1.411.411.221.491.371.121.261.271.01
67. Navios Maritime Acquisition Corporation NNANANNANINF3.631.241.341.311.180.930.780.831.49
68. Ardmore Shipping Corporation ASC1.131.131.421.882.351.041.191.071.09
69. Dorian LPG Ltd LPG1.121.120.773.512.780.580.950.992.11
70. Höegh LNG Partners LP HMLP9.239.231.470.771.591.581.020.99
71. StealthGas Inc GASS221.231.2510.991.061.011.021.091.071.021.071.060.88
72. Dynagas LNG Partners LP DLNG1.471.471.111.261.341.170.820.911.03
73. BP Midstream Partners LP BPMP0.960.961.051.081.1
74. USD Partners LP USDP1.061.061.432.311.2811.070.95
75. Capital Product Partners L.P CPLPINFINF4.811.810.941.011.051.181.111.121.141.11.031.120.39
76. Green Plains Partners LP GPP1.161.163.312.241.060.940.87
77. Sanchez Midstream Partners LP SNMP1.421.422.062.150.871.060.70.560.741.750.891.031.250.950.92
78. Top Ships Inc TOPS2.022.024.062.61.270.811.020.420.840.450.770.640.183.632.171.381.041.61
79. Kayne Anderson Energy Infrastructure Fund, Inc KYN0.450.450.122.781.470.161.831.221.92
80. CrossAmerica Partners LP CAPL1.161.161.031.380.830.851.120.010.99
81. NextDecade Corporation NEXTNANNANNANNANNANNAN
82. Central Energy Partners LP ENGY3.443.440.016.52.340.50.911.080.80.871.07
83. Able Energy, Inc ABLE1.071.070.791.730.931.441.211.252.95
84. Fuelstream, Inc FLSTINFINF2.321.071.260.770.530.071.240.130NANINF0.0322.98
85. Adino Energy Corporation ADNY00NANINF0.020INF2.591.061.050.034.780
86. Energem Resources Inc ENMFF00INF1.771.641.960.052.49
87. Tidelands Oil & Gas Corporation TIDE6.426.420.670.2510.520.991.190