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  • Antero Midstream Partners IPO Offers Investors Long-Term 20% Income Growth With Low Risk
    Mon, Nov. 3 AM 17 Comments

    Summary

    • Antero Midstream Partners will offer investors a +23% total return opportunity.
    • Target yield will be 3.4% at $20 issuance price, likely to open near $30.
    • Guaranteed 20-year cash flows, no commodity price risk and large drop down opportunities.
  • Weekly Intelligence For MLP Investors
    Mon, Oct. 27 PSXP, QEPM, SHLX 5 Comments

    Summary

    • Market moves higher on distribution growth announcements.
    • M&A continues with Tesoro's $2.5B acquisition of QEP's Midstream assets.
    • Weekly Fund Flows set a new high.
    • Shell Midstream pricing 10/28 with target yield of 3.25%.
  • Shell Midstream Partners Offers Investors 25% Total Return
    Mon, Oct. 27 SHLX 25 Comments

    Summary

    • The much-anticipated offering of Shell Midstream is expected to price on 10/28.
    • Units should rise to $30 on secondary trading with target yield of 2%.
    • +20% distribution growth expected with no commodity price exposure and long-term contracts.
  • Dominion Midstream Partners, An MLP IPO With High Growth Opportunities
    Tue, Oct. 14 DM 2 Comments

    Summary

    • Target Yield of 3.5% with 18% distribution growth after 2015.
    • Assets include Cove Point LNG import and export facilities.
    • Very attractive set of drop down assets with 90% JV contracted revenues.
  • Sell Now, Ask Later Provides Opportunity For Sand MLPs
    Mon, Oct. 13 EMES, HCLP 12 Comments

    Summary

    • MLP sand producers are down 50% on the expectation of lower shale production.
    • Current 5.6% distributions are backed by long term take or pay contracts.
    • Implied growth rates have been reduced from 23% to 10%.
  • Oil-By-Rail Assets Will Drive This MLP IPO Higher
    Sun, Oct. 5 11 Comments

    Summary

    • USD Partners LP, a "rolling midstream" MLP offering units at 5.75% yield.
    • Crude by Rail continues to expand as pipelines are delayed.
    • Significant growth opportunities for rail expansion in Hardisty.
  • Why MLP Investors Should Be Nervous About Enterprise Products' Acquisition
    Fri, Oct. 3 EPD 58 Comments

    Summary

    • EPD buys Oiltanking's General Partner and IDR interests for $4.6B.
    • EPD will purchase Oiltanking public units in the near future for $1.4B.
    • Oiltanking LP unitholders will receive no market premium for their high-growth units.
  • This Key MLP Metric Will Reward IPO Investors
    Thu, Oct. 2 AM, CNNX, EMES 5 Comments

    Summary

    • MLP IPOs offer investors significant total return opportunities when growth rates are uncertain.
    • Investors need to assess growth opportunities during the quiet period.
    • 8 New MLPs have registered for an IPO.
  • Weekly Intelligence For MLP Investors
    Mon, Sep. 29 ATLS, CNNX, EMES 8 Comments

    Summary

    • Benchmark index down -2.09% year to date total return 18.39%.
    • $1B of sponsor LP drop downs announced.
    • MLP IPO's continue to outperform, CONE Midstream rips up 34%.
  • JP Energy Partners' MLP IPO
    Fri, Sep. 26 Comment!

    Summary

    • Crude oil midstream focus with Silver Dollar Pipeline.
    • ArcLight is the equity sponsor.
    • Target midpoint yield 6.5% and 1.2x-1.4x projected coverage.
  • CONE Midstream Partners: A New MLP With The Largest Marcellus Acreage
    Mon, Sep. 22 CNX, NBL 12 Comments

    Summary

    • CONSOL and Noble contribute largest Marcellus acreage assets to be owned by an MLP.
    • Distribution growth will initially be driven by expanding gathering and processing volumes and sponsor drops thereafter.
    • Management has stated the partnership expects to be a top-tier distribution growth MLP.
  • Is The Master Limited Partnership Tax Status At Risk?
    Fri, Sep. 19 KMP, KMI, AMLP 19 Comments

    Summary

    • Master Limited Partnerships distribute over $26B of cash flows annually to unitholders.
    • The Senate Finance Committee held a hearing on energy tax policy.
    • Renewable energy sponsors seek MLP status to access capital markets.
  • Weekly Intelligence For Master Limited Partnership Investors
    Sun, Sep. 14 MMLP, OILT, PAA 3 Comments

    Summary

    • EIA and Barclays conference provide transparency to NA Supply and Demand.
    • Large Cap units fall on heavy volume as the markets focus on future rates.
    • Hi-Crush is added to Alerian Index AMZ.
  • Market Intelligence For MLP Investors
    Sun, Sep. 7 BPL, CPLP, MEMP 7 Comments

    Summary

    • Barclays Energy and Power Conference highlights.
    • Fund flows continue as Invesco launches a MLP fund.
    • Petroleum exports increase 15% primarily from the Gulf Coast.
  • Market Intelligence For MLP Investors
    Sun, Aug. 31 EMES, ETP, GMZ 25 Comments

    Summary

    • Yield compression drives Master Limited Partnerships higher 2.35% for the week.
    • Treasury Dept releases their 2014-2015 Priority Guidance Plan.
    • Market continues to focus on the Demand for Sand sending units up +10%.
    • CONSOL and Noble file S-1 to launch CONE Midstream Partners later this year.
  • Weekly Intelligence For MLP Investors
    Sun, Aug. 24 DKL, KMI, KMP 27 Comments

    Summary

    • MLPs advance as Fed's Yellen provides no further clarity on rate increase.
    • Positive fund flows continue as Kinder propels fund performance.
    • Salient seeks shareholder approval to merge two funds.
  • Weekly Intelligence For MLP Investors
    Sun, Aug. 17 AMLP, CEQP, EPB 17 Comments

    Summary

    • Kinder Morgan exits Master Limited Partnership structure leaving investors with a variety of tax implications.
    • Further speculation of consolidation propels benchmark index 5.3%.
    • Investors and Index sponsors look to fill $40B void left by Kinder exit.
  • Demand For Sand Offers 25%+ Total Return Potential
    Mon, Aug. 11 EMES, HCLP 41 Comments

    Summary

    • Demand for Northern White Silica has depleted available supply.
    • Two MLPs offer investors the opportunity to benefit from proppant sand demand.
    • 20% distribution growth is expected over the next 24 months.
  • Weekly Intelligence For MLP Investors
    Sun, Aug. 10 CEQP, DKL, EMES 13 Comments

    Summary

    • Benchmark index flat while 10 Year drops -3.6% amidst strong operating results and guidance.
    • Solar may be joining the Master Limited Partnership universe.
    • Sand is in demand as fracker's increase use of Northern White silica and deplete supply.
  • Weekly Intelligence For MLP Investors
    Sun, Aug. 3 DKL, HCLP, HES 3 Comments

    Summary

    • Benchmark index drops -5.02% lowering year to date returns to +11.28%.
    • 3 New Issues price at top of range and move higher.
    • Condensate export approvals on hold, EPD and PXD are the exceptions.
  • Tallgrass Energy Partners Has 50% Upside After Pony Express Acquisition
    Wed, Jul. 30 TEP 7 Comments

    Summary

    • Tallgrass Energy inks deal for $600 million drop-down that will increase DCF by 30%.
    • Pony Express pipeline will be a major player to move Bakken crude to Cushing, OK.
    • Distribution growth will adjust yields in line with peer group, offering up to 50% total return in 2015.
  • Weekly Intelligence For MLP Investors
    Sat, Jul. 26 ATLS, BBEP, EMES 24 Comments

    Summary

    • Benchmark up +0.41% for week and 16.16% year to date total return.
    • Refiners running at record capacity while market worries about the impact of condensate exports.
    • 3 new MLP issues set to price next week with target yields ranging from 5.25 to 7.25%.
  • Weekly Intelligence For MLP Investors
    Sun, Jul. 20 DMLP, EPB, HCLP 1 Comment

    Summary

    • Alerian MLP Index gains 0.93% for the week, moving just into the positive territory for the month of July.
    • Refinery linked MLPs fall -5.0+% as the market speculates on the impact of condensate ruling.
    • Kinder provides insight on LNG export potential, impact of condensate ruling and NatGas opportunities.
  • Weekly Intelligence For MLP Investors
    Sat, Jul. 12 AHGP, PAGP, SMM 2 Comments

    Summary

    • MLPs down 1.9% on light volume in July as rate speculation impacts buyers.
    • EIA predicts 2015 will eclipse US oil production peak of 1972.
    • Yield to CAGR will be a key metric as Q2 earnings begin next week with Kinder companies.
  • Institutional Investors And Kinder Morgan: Following The Money Flows
    Mon, Jul. 7 KMI 18 Comments

    Summary

    • The KMI share price drop from mid 2013 until March 2014 was accompanied by 18.7% reduction in holdings by the largest institutional investors.
    • Over $14B of new capital has been allocated to MLP packaged products and institutions have reduced their Kinder net share exposure while AUM have increased.
    • Q2 Earnings on 7/16 catalyst for institutional flows.
  • Weekly Intelligence For MLP Investors
    Sat, Jul. 5 ACMP, BBEP, FGP 12 Comments

    Summary

    • Alerian MLP index loses 0.32% for the week while S&P 500 sets record high with 1.25% gain.
    • With the close of Q2, investors start looking towards earnings season with one-third of MLPs and related companies reporting in the second half of July.
    • Tiger 21 Investment group suggests accredited investors are allocating 5% to 20% to Master Limited Partnerships.
  • Attractive Alternatives To Kinder Morgan For MLP Investors
    Tue, Jul. 1 ACMP, BKEP, CMLP 20 Comments

    Summary

    • KMI and KMP have significantly lagged comparable MLPs and GPs for this year and for the last 12 months.
    • The high cost of equity capital for KMP is a headwind for distribution growth.
    • Alternative MLPs and GP holding companies offer similar yields with higher growth prospects.
  • Weekly Intelligence For MLP Investors
    Fri, Jun. 27 ALDW, BWP, CVRR 12 Comments

    Summary

    • Benchmark index gains 2.54% for week and 15.61% total return YTD.
    • Duff & Phelps enter MLP closed end universe with a $485 million fund.
    • Hi-Crush Partners jumps 15% on announcement of new contract with Halliburton.
  • When Might North American Oil Production Peak?
    Wed, Jun. 25 PAA 22 Comments

    Summary

    • At the Plains All American Pipeline analysts' day a scenario of slowing U.S. crude production growth was presented and discussed.
    • Under PAA's forecast by 2017 and 2018 up to 90% of new production will go to offset declines from existing well production.
    • Midstream Oil MLP organic growth may be challenged within 3 years.
  • Weekly Intelligence For MLP Investors
    Sat, Jun. 21 ACMP, APU, EEP 18 Comments

    Summary

    • Benchmark index gained 1.08% for the week, keeping pace with the record setting major indexes.
    • Williams Companies jumps 20% when it agrees to buy remaining 50% of Access Midstream GP.
    • High-growth MLPs continue to run up rapidly in value, leading the MLP universe.
    • Very active week with 2 new issues, three secondary offerings and Shell MLP filing.
  • MLP Index Selection Matters: Alternatives For Creating U.S. Energy Exposure
    Tue, Jun. 17 AMLP, AMU, YMLI 2 Comments

    Summary

    • Index Selection will differentiate MLP Total Returns when investing in passive ETF or ETN products.
    • Over $1.2B of new cash is invested monthly in MLP packaged products.
    • Yorkville offers two MLP ETFs with distinctly different yield vs. growth profiles.
    • MLP ETF returns will lag target indexes due to need to pay corporate income tax rate on unit appreciation.
  • Weekly Intelligence For MLP Investors
    Sat, Jun. 14 EQM, NGL, SDLP 1 Comment

    Summary

    • With the S&P 500 down 0.68% for the week, the Alerian MLP index lost just 0.31%, continuing a pattern of out performance by the MLP sector.
    • MLP secondary issuance remains quiet, even as unit prices for over 50% of MLPs are within 5% of their 52-week highs.
    • Mutual funds have offered broadest selection for superior performance.
    • Sunoco Logistics split to improve liquidity and narrow spreads, Oiltanking Partners up next for 2:1 split.