Infrastructure Fuels Continued Upside For North American Mlps
TWST: Let's start with an overview of your coverage universe.
Mr. Kirst: I cover the North American pipeline universe for BMO, which means I'm basically covering half of the traditional U.S. pipeline companies, the Williams (WMB) and El Pasos (EP) of the world, along with half of the Canadian infrastructure names, the two largest being TransCanada (TRP) and Enbridge (ENB), which are the two largest names in our space up until June, when Kinder Morgan (KMI) and El Paso come together. As well, a lot of the smaller, $2 billion, $3 billion, $4 billion market-cap infrastructure names that do a lot of the gathering, processing and natural gas liquids - the logistics in Canada - many of which were previously in a trust structure, which was analogous to an MLP until the Canadian government did away with the trust structure.
TWST: What's your overall outlook on your coverage space right now and why?