"JP 摩根-美股-能源行业-大通能源会议问题库与研究摘要"

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North America

Equity Research

10 June 2019

Arun Jayaram

(1-212) 622-8541

arun.jayaram@jpmchase.com

 IENOVA (IENOVA MM, Ps$82.64, OW)

Presentation Details: 1x1 only

JPM Analyst Host: Jeremy Tonet

1. What is the latest communication with the CFE and government authorities?

2. What are your latest thoughts on force majeure projects? Do you see risk here?

3. Do existing contracts possess any clauses allowing the CFE or government to

not fulfill their financial obligations under a force majeure?

4. Can you discuss the latest commercial efforts with ECA? How big of an

opportunity is this?

5. What is the latest with the Marine Pipeline? What are the current cost overruns?

How does this impact your economics?

6. What is the latest with the Transmission projects? Can you remind us how large

these projects are and if you would bring in a JV partner?

7. How much more refined product terminal capacity does Mexico need? How

much market share can you win here? What level of contracting do you possess

across your terminals?

8. What level of renewables would you like to add to your portfolio? Do you have

a preference among solar, wind, or other?

9. Can you discuss the drivers to the low and high ends of 2019 Gas and Power

guidance?

10. What is the current private/public counterparty exposure? Where could this

move to assuming ECA moves forward? What is the right mix for IEnova?

11. Can you discuss your capital allocation strategy? How will you utilize the share

buyback program? What would lead you to upsize the program?

12. What percent of revenues and costs are denominated in pesos versus USD?

What type of FX risk does IEnova have and do you hedge this?

13. What M&A opportunities do you see in Mexico? Would you consider

diversifying your asset base into other countries?

14. Can you discuss the recent expansion plans at ECOGAS?

15. Can you discuss TDM's performance YTD? Are you able to term out capacity

directly or synthetically?

16. Would you consider revisiting selling TDM given the strong performance?

17. Some utilities (Portland General Electric) noted concerns related to Aliso

Canyon’s withdrawal rates for this upcoming summer. How would this impact

TDM?

North America

Equity Research

10 June 2019

Arun Jayaram

(1-212) 622-8541

arun.jayaram@jpmchase.com

 Inter Pipeline Ltd. (IPL CN, C$20.42, N)

Presenter: Brent Heagy – Chief Financial Officer

Presentation Details: Tuesday, June 18th at 2:55 PM (Eastern)

JPM Analyst Host: Jeremy Tonet

1. Any updates on the Heartland Petrochemical Complex (HPC)? When could we

expect more detail on contracting?

2. Can you discuss the competitive advantage of PDH+PP facilities in Alberta

versus the U.S. Gulf Coast and global competitors? What are the competitive

advantages when compared to Pembina’s PDH/PP facility?

3. What are the largest obstacles left for HPC construction and what other hurdles

remain for the project? Do you face any risks from cost overruns or delays

during HPC construction?

4. Would you look to further grow in the petchem facility space if you can secure

the proper contracting?

5. Can you update us on your recent conversations with the ratings agencies given

HPC funding needs? Could you talk about how hybrid/subordinated debt fits

into future funding? Is there a ceiling or limit you have for leverage prior to HPC

start up?

6. Do you think the Alberta mandated production cuts will impact future producer

capital allocation decisions? What is IPL’s outlook for oil sands development in

Canada? Can you talk about your oil sands pipes and the current capacity

available on them? When new basin egress comes into service, what type of

operating leverage or accretive expansions could IPL undertake?

7. We have seen increased competition with your conventional pipelines, do you

see this business clawing back towards prior levels? Has the blending business

reverted back towards historical levels?

8. Can you update us on the progress of the Stettler Crude Oil Terminal expansion?

Do you see other avenues for similar expansions?

9. What level of frac spread price sensitivity exists within the NGL Processing

segment? How does this variability factor into your long term planning?

10. There seems to have been higher volumes running through your processing

systems recently, how much spare capacity do you have and could you squeeze

out more capacity if needed in any areas?

11. You mentioned a significant pick-up in storage utilization as a result of IMO, are

you still seeing that continue? How is the NS acquisition progressing versus

your expectations?

12. Do you see opportunities to add additional storage assets to increase your

footprint in Europe or elsewhere?

13. What is your philosophy on dividend growth, expansion capex, and leverage?

North America

Equity Research

10 June 2019

Arun Jayaram

(1-212) 622-8541

arun.jayaram@jpmchase.com

 Macquarie Infrastructure Corporation (MIC, $41.05, N)

Presentation Details: 1x1 only

JPM Analyst Host: Jeremy Tonet

1. Can you update us on how IMTT repurposing is progressing? Do you still expect

to repurpose ~1mmbbls in 2019?

2. What percentage of your business currently serves fuel oil and heavies?

3. IMTT Utilization saw a slight uptick in 1Q19, how are you seeing that progress

through 2Q19? Do you still see utilization in the lower 90%'s in 2020? Are you

seeing any storage market weakness in New York Harbor?

4. How long do you think the heavy product market structure evolves over time,

especially as we approach IMO2020?

5. How is the construction of the new Methanex capacity in Geismar progressing?

6. With competitors repurposing storage into lighter products, how do you see

market dynamics playing out as incremental capacity comes online? Will these

markets become oversupplied?

7. What are the market factors involved with the storage and handling of vegetable

and tropical oils?

8. You have talked about the IMTT acquisition as facilitating a real estate play in

the crowded NY Harbor. Can you expand upon what opportunities you see in

this area?

9. Can you talk about M&A opportunities in storage and Atlantic Aviation? Under

what circumstances would MIC look to add another vertical?

10. Are you still actively pursuing airport privatization opportunities in the U.S.?

11. What growth opportunities does the Hawaii business possess?

12. Beyond announced projects, how do you think growth capex will be allocated

across the segments? What types of returns do you see for those growth

opportunities? Any insight into the 2020 capital program?

13. Following the downgrade by S&P, can you talk about your strategy and the

priority of getting back to IG?

14. Have you had any discussions on potentially internalizing the management

function?

15. Has the possibility of becoming a tax payer next year influenced your strategy at

all?

North America

Equity Research

10 June 2019

Arun Jayaram

(1-212) 622-8541

arun.jayaram@jpmchase.com

 Magellan Midstream Partners, L.P. (MMP, $63.35, N)

Presenter: Aaron Milford – Chief Operating Officer

Presentation Details: Wednesday, June 19th at 9:10 AM (Eastern)

JPM Analyst Host: Jeremy Tonet

1. How do you think about the Permian crude oil takeaway supply/demand picture

longer term?

2. How does MMP view Corpus versus Houston versus Cushing as a destination

for Permian production?

3. How do you view Cushing as a hub over the long term?

4. What are your expectations for refined products demand longer term in your

markets?

5. Has your outlook for butane blending in 2019 changed since when you updated

guidance?

6. On your last earnings call, you mentioned potentially marketing barrels on your

Permian system. How would a larger marketing presence impact the way you

run your business?

7. What are your latest thoughts on the MLP structure versus C-Corp? What would

make you more inclined to consider a C-Corp structure?

8. Could you talk about how the proposed Voyager Pipeline complements your

terminals in Cushing and Houston? How is contracting for the pipeline

progressing?

9. Why do you think potential shippers expressed an interest in a Midland origin

for your Voyager project? How do you think about the optionality value this

configuration would offer?

10. For your guidance, you assumed that spot shipments only occurred on

BridgeTex and Longhorn through the second quarter, does this still appear likely

in the current environment?

11. How should we gauge the impact of Longhorn contracts rolling in 2020?

12. How is the East Houston-to-Hearne Refined Products Pipeline progressing?

13. You have previously talked about expanding the Saddlehorn Pipeline. Could you

talk about what is driving incremental demand for that pipeline and what the

timeline would be for an expansion?

14. How do you view your Seabrook Logistics Terminal expansion against other

proposed crude export terminals? Is there enough demand for all the proposed

export terminals?

15. What competitive advantages does Magellan possess in Houston? What benefits

does the connectivity of your distribution system provide?

North America

Equity Research

10 June 2019

Arun Jayaram

(1-212) 622-8541

arun.jayaram@jpmchase.com

 MPLX LP (MPLX, $31.06, OW)

Presenter: Don Templin – President

Presentation Details: Tuesday, June 18

at 11:25 AM (Eastern)

JPM Analyst Host: Jeremy Tonet

1. Has c-corp outperformance YTD impacted your perspective on pursuing a c-

corp structure?

2. Would MPLX start increasing operating margin disclosures inline with peers to

attract new investors? Have you considered bringing in GAAP measures to

attract generalist investors?

3. Could you expand upon the synergies you envision from the MPLX/ANDX

combination? How does merging with ANDX impact MPLX’s Permian strategy

and opportunity set?

4. With exposure to multiple basins, how do you prioritize future expansion plans?

Can you walk us through producer activity levels in your joint USGC, MidCon,

and Rockies G&P footprint? Would you look to divest no growth or declining

assets to maximize growth and value per unit?

5. Could Appalachian processing capacity be rationalized to increase utilization of

existing plants before building new capacity?

6. Despite deploying notable capital into the G&P business, results have not

increased over the past few quarters. Acknowledging that commodity prices

have declined, could you bridge us through the margins since 3Q18?

7. G&P results at both MPLX and ANDX have been below expectations recently.

What provides confidence in hitting your stated guidance?

8. When do you think MPC’s interests in Gray Oak, South Texas Gateway and

Capline will be dropped down from to MPLX? How is the Capline Reversal

progressing? When will FID be reached?

9. What synergies can you capture with connections spanning from the Permian

(Wink to Webster and Gray Oak) and Capline to downstream logistics including

Swordfish, Mt Airy and LOOP? What steps is MPLX taking to enhance value

chain integration?

10. Do you anticipate other proposed export terminals to reduce demand for LOOP

longer-term or do you expect continued export growth from the terminal? How

many of the proposed VLCC export terminals do you expect to get built?

11. While MPLX appears to be amassing a sizeable Permian processing position that

will produce notable NGLs, the Permian appears to have more than enough NGL

takeaway pipelines. Moreover, building an alternative hub versus Mont Belvieu

appears to be a very difficult given the entrenched market participants. What

gives MPLX confidence that BANGL can be successfully developed into an

attractive project?

12. What factors pushed Whistler over the FID finish line?

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