Midstream Valuation

Hey everyone,

This summer I'm interning for an asset management firm and am specializing in an alternative fund where I'm researching MLP's and other midstream companies. To give you all a bit of background this is an extremely small portion of the fund and so no one in the office knows much about the energy space. I've taken an interest to this and have been recruiting for a Houston O&G summer analyst position so I was hoping I could take a lot away from this project. I know how to build a typical DCF, but when it comes to a midstream DCF I feel that there are a number of different factors that I'm missing. My school doesn't have any access to O&G models and everything that I find online talking about O&G models relates to upstream companies and NAV analysis. I would really appreciate any key insights you all can give me. Of course, this is a sophomore internship and so the model doesn't need to be extremely complex, but I would like to take the extra step and get as technical as possible so that I can speak about this once recruitment comes along. If anyone has a template that they follow or a few specific items they would recommend I model out I would really appreciate it.

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