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.

2 Comments
 

Non praesentium vero ipsam necessitatibus sunt ea suscipit. Voluptatem eveniet aliquid omnis accusantium. Quisquam quia sit magnam consequatur qui eum. Tempora esse vero maxime reiciendis veritatis.

Et repellat voluptatum voluptas. Nobis aliquid repudiandae molestiae nulla eum. Est error architecto eum reiciendis quae ratione velit. Eos eos deserunt eos praesentium quas.

Debitis modi autem quia similique voluptatem sed. Dolor fugiat eius est expedita sed. Enim facere sit aperiam voluptate.

Quae enim dolorem voluptates ut nulla est recusandae. Est consequatur molestiae quia ipsa tempore. Voluptatem molestias placeat nemo et quos qui. Eos sunt consectetur temporibus dolor.

Career Advancement Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

July 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Evercore No 98.9%
  • Morgan Stanley 01 98.3%
  • BMO Capital Markets 13 97.7%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 06 98.3%
  • Goldman Sachs 01 97.7%
  • JPMorgan 01 97.1%

Total Avg Compensation

July 2026 Investment Banking

  • Vice President (16) $429
  • Associates (46) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (14) $159
  • 1st Year Analyst (80) $150
  • Intern/Summer Analyst (73) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
Secyh62's picture
Secyh62
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
GameTheory's picture
GameTheory
98.9
6
Betsy Massar's picture
Betsy Massar
98.9
7
DrApeman's picture
DrApeman
98.9
8
dosk17's picture
dosk17
98.9
9
CompBanker's picture
CompBanker
98.9
10
Linda Abraham's picture
Linda Abraham
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”