WEEKLY SNAPSHOT JUNE 9, MLP Protocol

Transcription

1 WEEKLY SNAPSHOT JUNE 9, 2017

2 Contact Information / Table of Contents PHILIP TRINDER PRESIDENT ptrinder@mlpprotocol.com TABLE OF CONTENTS I MARKETS AND LEVELS 3 II GROUP DATA 12 III SEGMENT YIELD DATA 22 IV GLOSSARY 27 RESOURCES COMPANY PRESENTATIONS LINKS DEFINITIONS BACKGROUND SEEKING ALPHA I can be available for direct discussions about specific Master Limited Partnership concepts and/or project related work. If interested, please me with any specific requests (total cost based upon the scope of the work). DISCLAIMER ( MLPP ) is not registered as an Investment Advisor or Broker/Dealer with the SEC or in any state or lawful jurisdiction. MLPP relies upon the publisher s exemption from the definition of investment adviser as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. To the extent any of the content published on this website, including transmissions, faxes, recorded voice messages, and any other associated messages/media (hereinafter collectively referred to as Information ) may be deemed investment advice, such Information is impersonal and not tailored to the investment needs or objectives of any specific person. The Information contained within this Web site is provided for informational and educational purposes only, and should be construed as opinion only and not as investment/trading advice and is not meant to be a solicitation regarding any securities mentioned. Opinions expressed herein are MLPP s present opinions only. Any Information is based upon information that MLPP considers reliable, but MLPP does not represent, guarantee, or warrant, expressly or implicitly, that the Information is accurate, complete, or suitable for any particular purpose, and it should not be relied upon as such. MLPP is not obliged to update or periodically review the Information. MLPP accepts no liability with respect to, or arising directly or indirectly out of, the Information. In addition, there can be no guarantee that any projection, forecast or opinion in this presentation will be realized. Opinions expressed herein are subject to change without notice. You are strongly advised to make an independent review and reach your own conclusions regarding the economic risks and benefits of any investment and the legal, credit, tax, accounting and other aspects of such investment in relation to your particular circumstances. We may from time to time have long or short positions in such securities or in options, futures, or other derivative instruments based thereon and all positions are subject to change without notice. Current position data shown for full disclosure purposes only and is in no way to be considered a recommendation for that specific position. All trade names, trade marks, service marks, and logos herein are the property of their respective owners who retain all proprietary rights over their use. No part of this website or Information may be reproduced in any manner without written permission All rights reserved. M L P P R O T O C O L. C O M 1

3 SECTION I MARKETS AND LEVELS

4 Markets and Levels / Forward Yields / MLP IPO Scorecard 52 Weeks Ago FYE Weeks Ago Week Ago Current Change Indices 6/10/16 12/31/16 5/12/17 6/2/17 6/9/17 1 Year YTD 1 Month 1 Week MLP Index (AMZ) (4.7%) (6.) (4.) (1.1%) MLP Total Return Index (AMZX) 1, , , , , (3.) (4.) (1.1%) S&P 500 2, , , , , % (0.3%) Yields MLP Index Yield (AMZ Yield) 7.33% 7.07% (21 bps) 5 bps 24 bps 0 bps 10 Year Treasury Yield % 2.33% 2.15% 2.21% 57 bps (24 bps) (12 bps) 6 bps 20 Year Treasury Yield % % 2.59% 57 bps (20 bps) (15 bps) 6 bps Yield Curve Steepness (20 Year - 3 Month) 176 bps 228 bps 186 bps 155 bps 158 bps (18 bps) (70 bps) (28 bps) 3 bps AMZ Yield Spread to 10 Year UST 569 bps 462 bps 455 bps 497 bps 491 bps (78 bps) 29 bps 36 bps (6 bps) AMZ Yield Spread to 20 Year UST 531 bps 428 bps 414 bps 459 bps 453 bps (78 bps) 25 bps 39 bps (6 bps) Rigs and Commodity Prices U.S. Total Rig Count % 40.9% 4.7% 1. Natural Gas $2.41 $3.74 $3.25 $2.84 $ % (19.) (6.) 6.7% Mont Belvieu Propane ($ / Gallon) $0.50 $0.68 $0.63 $0.64 $ (12.) (5.1%) (5.7%) WTI Crude Oil ($ / Bbl) $50.18 $53.28 $47.04 $48.48 $45.82 (8.7%) (14.) (2.) (5.5%) Brent Crude Oil ($ / Bbl) $49.94 $54.34 $48.00 $50.23 $46.64 (6.) (14.) (2.) (7.1%) Brent / WTI Differential ($ / Bbl) ($0.24) $1.06 $0.96 $1.75 $0.82 (441.7%) (22.) (14.) (53.1%) NYMEX 3:2:1 Crack Spread ($ / Bbl) $14.28 $17.18 $14.39 $16.14 $ (11.) 5. (5.7%) Note: The NYMEX 3:2:1 Crack Spread is calculated using 3 barrels of crude at the WTI Crude Oil price, 2 barrels of gasoline at the NY Harbor Gasoline price and 1 barrel of heating oil at the NY Harbor Heating Oil price. This is an indicative estimate only and individual refiners will have materially different effective crack spreads for their operations due to varying crude input mixes, varying product slate outputs and cash price basis differentials for every single input and output at their various locations. Highest Estimated Forward Yield by Segment Price Performance Since IPO MARKETS AND LEVELS % % 11.9% 7.9% 10.5% ETP NS AMID USDP BSM SPH TOO SXCP NSH WLKP SUN LMRK Nat Gas & NGL Pipes Crude & Ref Prod Pipes G & P T & S Upstream Propa ne & NGL Logistics 16.3% % Ma rine Coal Gener al Par tner s ( GP ) 5. Showing the 10 most recent MLP IPOs Source: Historical commodity prices are spot prices at the futures contract delivery locations as per the EIA, there is a one week lag in the EIA reporting, so there will always be a slight discrepancy in the most recent price data. RED tickers indicate a past distribution cut. ORANGE tickers indicate VARIABLE distributions Variable D & M Other (2) (4) NBLX 117% GPP 2 KRP CNXC PTXP () HESM () EQGP () AMGP () TEGP (1) BSM (17%)

5 Indices / Rig Counts / Yields Alerian MLP Index vs. S&P 500 MARKETS AND LEVELS ,000 1,500 1, /31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/ /31/99 12/31/02 12/31/05 12/31/08 12/31/11 12/31/14 12/31/07 12/31/08 12/31/ ,520 2,310 2,100 1,890 1,680 1,470 1,260 1, AMZ AMZ Current Level S&P 500 S&P 500 Current Level 10 75% 5 25% U.S. Oil Rig Count Current Oil Rig Count U.S. Natural Gas Rig Count Current Nat Gas Rig Count % Oil 12/31/10 U.S. Rig Count 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/ /31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 AMZX AMZ S&P 500 Treasury Yields 7% 5% 3% 1% (1%) 20 Year - 3 Month U.S. 20 Year Treasury U.S. 10 Year Treasury 4

6 Spread to Treasury AMZ Yield Spread to 20 Year U.S. Treasury ( STT ) % % % 5% 4.53% AMZ Index 200 3% 2.87% MARKETS AND LEVELS 1% STT Relative Value Concern STT Relative Value Warning STT Seriously Consider Selling Some MLPs Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 AMZ Yield STT (20 YR UST) Average STT Median STT Current STT 20 YR Yld AMZ Current AMZ Source:

7 Commodities Natural Gas Crude Oil $16 $14 $12 $10 $8 $6 $4 $2 $0 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 $160 $140 $120 $100 $80 $60 $46.64 $40 $45.82 $20 $0 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 WTI Crude WTI Current Brent Crude Brent Current Mont Belvieu Propane NYMEX 3:2:1 Crack Spread MARKETS AND LEVELS $2.00 $45 $1.80 $40 $1.60 $35 $1.40 $30 $1.20 $25 $1.00 $20 $0.80 $15 $0.60 $10 $0.40 $5 $0.20 $0.00 $0 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 Source: Historical commodity prices are spot prices at the futures contract delivery locations as per the EIA, there is a small lag in the EIA reporting, so there will always be a slight discrepancy in the most recent price data. 6 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16

8 Quarterly Average Crude Value Chain Prices 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 QoQ Change WTI Crude $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ (4.) Brent Crude $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ (4.) Natural Gas $ 3.97 $ 3.53 $ 3.84 $ 4.86 $ 4.56 $ 3.91 $ 3.74 $ 2.82 $ 2.71 $ 2.69 $ 2.06 $ 1.96 $ 2.12 $ 2.83 $ 3.02 $ 2.98 $ NY Harbor Gasoline $ 2.73 $ 2.89 $ 2.70 $ 2.74 $ 2.90 $ 2.75 $ 2.12 $ 1.54 $ 1.90 $ 1.63 $ 1.35 $ 1.13 $ 1.51 $ 1.39 $ 1.54 $ 1.55 $ Gulf Coast Gasoline $ 2.69 $ 2.78 $ 2.49 $ 2.65 $ 2.81 $ 2.66 $ 1.89 $ 1.50 $ 1.85 $ 1.58 $ 1.24 $ 1.06 $ 1.42 $ 1.39 $ 1.46 $ 1.55 $ 1.52 (2.1%) NY Harbor Heating Oil $ 2.74 $ 2.93 $ 2.96 $ 3.02 $ 2.88 $ 2.74 $ 2.21 $ 1.71 $ 1.76 $ 1.45 $ 1.24 $ 1.02 $ 1.33 $ 1.32 $ 1.48 $ 1.53 $ 1.50 (2.) Gulf Coast Diesel $ 2.86 $ 3.01 $ 2.92 $ 2.94 $ 2.92 $ 2.80 $ 2.23 $ 1.68 $ 1.82 $ 1.50 $ 1.27 $ 1.03 $ 1.35 $ 1.37 $ 1.52 $ 1.57 $ 1.54 (1.9%) Mont Belvieu Propane $ 0.91 $ 1.03 $ 1.19 $ 1.30 $ 1.06 $ 1.04 $ 0.78 $ 0.53 $ 0.46 $ 0.41 $ 0.42 $ 0.39 $ 0.50 $ 0.47 $ 0.58 $ 0.71 $ 0.64 (8.) NYMEX 3:2:1 Crack $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Gulf Coast 3:2:1 Crack $ $ $ $ $ $ $ 9.70 $ $ $ $ $ $ $ $ $ $ % NYMEX 2:1:1 Crack $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Gulf Coast 2:1:1 Crack $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Crude Oil Gasoline $120 $80 $40 $- $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $- 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 WTI Crude Brent Crude NY Harbor Gasoline Gulf Coast Gasoline Heating Oil / Diesel Crack Spreads MARKETS AND LEVELS $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $- 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 NY Harbor Heating Oil 4Q14 1Q15 2Q15 Source: U.S. Energy Information Administration, 3Q15 4Q15 1Q16 2Q16 3Q16 Gulf Coast Diesel 4Q16 1Q17 $35 $30 $25 $20 $15 $10 $5 $- 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 NYMEX 3:2:1 Crack NYMEX 2:1:1 Crack 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Gulf Coast 3:2:1 Crack Gulf Coast 2:1:1 Crack 1Q17 7

9 Rig Count U.S. Oil and Natural Gas Drilling Rig Count ANNUAL MONTHLY PEAK ANALYSIS TROUGH ANALYSIS Last Year Annual Current 4 Wks Ago Monthly Current Peak Current Peak Days Trough Current Trough Days 6/10/16 Change 6/9/17 5/12/17 Change 6/9/17 Count vs. Peak Date Since Count vs. Trough Date Since Oil Rig Count ,609 (53.9%) 10/10/ % 5/27/ % of Total % 80. Annual/Monthly Change % 125.9% 4.1% Natural Gas Rig Count ,606 (88.5%) 9/12/08 3, /26/ % of Total % 20. Annual/Monthly Change % Total Rig Count ,031 (54.) 9/12/08 3, /27/ Annual/Monthly Change % MARKETS AND LEVELS 1,800 1,600 1,400 1,200 1, Oil Rig Count vs. WTI Crude Prices 741 D-99 D-00 D-01 D-02 D-03 D-04 D-05 D-06 D-07 D-08 D-09 D-10 D-11 D-12 D-13 D-14 D-15 D-16 U.S. Oil Rig Count Current Oil Rig Count WTI Crude Oil Source: $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 1,800 1,600 1,400 1,200 1, Natural Gas Rig Count vs. Natural Gas Prices 185 D-99 D-00 D-01 D-02 D-03 D-04 D-05 D-06 D-07 D-08 D-09 D-10 D-11 D-12 D-13 D-14 D-15 D-16 $18 $16 $14 $12 $10 $8 $6 $4 $2 $0 U.S. Natural Gas Rig Count Current Nat Gas Rig Count Natural Gas 8

10 Rig Count vs. Production / Imports Exports Million Bbls / Day Oil Rig Count vs. Crude Production Jan-88 Jan-92 Jan-96 Jan-00 Jan-04 Jan-08 Jan-12 Jan-16 Oil Production Oil Rig Count Refined Products Exports 2,000 1,800 1,600 1,400 1,200 1, Bcf / Day Natural Gas Rig Count vs. Natural Gas Production 100 2, , , , , , J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-17 Nat Gas Production Nat Gas Rig Count Crude Oil Imports vs. Refined Products Exports MARKETS AND LEVELS Million Bbls / Day J-00 J-01 J-02 J-03 J-04 J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-17 4 Wk Avg Daily U.S. Crude Oil Exports 4 Wk Avg Daily U.S. Refined Products Exports Source: EIA production data lags by roughly 3 months Crude Imports Million Bbls / Day J-00 J-01 J-02 J-03 J-04 J-05 J-06 J-07 J-08 J-09 4 Wk Avg Daily U.S. Crude Oil Exports 4 Wk Avg Daily U.S. Refined Products Exports 4 Wk Avg Daily U.S. Crude Oil Imports J-10 J-11 J-12 J-13 J-14 J-15 J-16 J Crude + Refined Products Exports 9

11 U.S. Rig Count vs. Production vs. Price Natural Gas Bcf / Day Rig Count vs. Production Price vs. Production 2,000 1,800 1,600 1,400 1,200 1, Bcf / Day J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-17 J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J Nat Gas Production Nat Gas Rig Count Nat Gas Production Henry Hub Nat Gas Price $20 $18 $16 $14 $12 $10 $8 $6 $4 $2 $0 Rig Count vs. Price $16 1,600 $14 1,400 $12 1,200 $10 1,000 $8 800 $6 600 $4 400 $2 200 $- 0 J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-17 Henry Hub Nat Gas Price Nat Gas Rig Count MARKETS AND LEVELS Crude Oil Million Bbls / Day J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-17 Oil Production Oil Rig Count 2,000 1,800 1,600 1,400 1,200 1,000 Source: EIA production data lags by roughly 3 months Million Bbls / Day J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-17 Oil Production $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $- WTI Crude Oil Price $160 1,600 $140 1,400 $120 1,200 $100 1,000 $ $ $ $ $0 - J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-17 WTI Crude Oil Price Oil Rig Count 10

12 SECTION II GROUP DATA

13 Moving Averages Downstream & Marketing 371% Other 21 Terminal & Storage 20 Variable / Plants 15 Marine 127% Propane & NGL Logistics 12 Natural Gas & NGL Pipelines 10 Gathering & Processing 9 Coal 83% General Partners 75% Upstream 5 Crude & Refined Products Pipelines 27% Total 1,613% Moving Average Heat Index NOT SCALE ADJUSTED 3/1/12 6/1/12 9/1/12 12/1/12 3/1/13 6/1/13 9/1/13 12/1/13 3/1/14 6/1/14 9/1/14 12/1/14 3/1/15 6/1/15 9/1/15 12/1/15 3/1/16 6/1/16 9/1/16 12/1/16 3/1/17 6/1/17 Total Moving Average Heat Index AMZ AMZ SCALE ADJUSTED 3/1/12 6/1/12 9/1/12 12/1/12 3/1/13 6/1/13 9/1/13 12/1/13 3/1/14 6/1/14 9/1/14 12/1/14 3/1/15 6/1/15 9/1/15 12/1/15 3/1/16 6/1/16 9/1/16 12/1/16 3/1/17 6/1/17 Total Moving Average Heat Index AMZ Current Price vs. Current Price vs. 20 Day Moving Average 1 50 Day Moving Average 1 Current Price vs. 200 Day Moving Average % 19% 71% 29% GROUP DATA 20 Day Moving Average / 200 Day Moving Average 1 57% 43% Key: % Abov e % Below 20 Day Moving Average / 50 Day Moving Average 1 79% 21% 4 50 Day Moving Average / 200 Day Moving Average 2 5 (1) Included in the Moving Average Heat Index calculation, by segment. (2) NOT included in the Moving Average Heat Index calculations. 12

14 1Q17 Distributions (Paid in 2Q17) Quarter over Quarter (10.) (20.) (30.) (40.) (50.) (60.) BSM 8.7% EQGP 7.9% SGU 7.3% AM 7.1% WGP 6. DM 5. VLP 5. SHLX 5.1% PSXP 5. EQM 4.7% NBLX 4.7% HMLP 4. RMP 4.1% MPLX 3. EVA 3.7% TEGP 3. CNNX 3. WNRL 3. TLLP 3.3% ETP 2.9% WLKP 2.9% SRLP 2. TEP 2.5% GPP 2.3% PBFX 2. TLP 2.1% HEP 2.1% MMP 2. GLOP 2. SEP 1. WES 1.7% USDP 1.5% SNMP 1.5% DKL 1.5% GEL 1. EPD 1. APU 1.1% BPL 1. CAPL 0. LMRK 0.7% AHGP 0. AMID 0. APLP 0. ARCX 0. ARLP 0. AROC 0. BIP 0. BKEP 0. BWP 0. CEQP 0. CINR 0. CNXC 0. CPLP 0. CQP 0. DCP 0. DLNG 0. ENBL 0. ENLC 0. ENLK 0. ETE 0. FUN 0. GLP 0. GMLP 0. KMI 0. KNOP 0. MMLP 0. NAP 0. NGL 0. NRP 0. NS 0. NSH 0. OKS 0. PAA 0. PAGP 0. PTXP 0. SMLP 0. SPH 0. STON 0. SUN 0. SXCP 0. TCP 0. TGP 0. TOO 0. TRGP 0. USAC 0. VTTI 0. WMLP 0. WPT 0. WPZ (29.) EEP (40.) CELP (48.3%) CCLP (50.3%) (5) VARIABLE MLPs ALDW 190.9% DMLP 27. VNOM 17.1% OCIP 0. UAN 0. TNH (20.5%) GROUP DATA (2) (4) (6) Year over Year EQGP 42.5% TEGP 36.9% AM 27.7% AROC 26.3% VLP 25.7% RMP 24. SHLX 23. DM 22. PSXP 21. EQM 20.3% BSM 19. TEP 18. TLLP 16. WGP 15.9% CNNX 15.1% BIP 14.5% DKL 13.1% WNRL 12. SRLP 11.3% WLKP 10.9% PBFX 9.5% ETP 9. USDP 8.9% EVA 8. MMP 8.7% GPP 8. VTTI 8.1% HEP 7. SEP 7.7% WES 7. SGU 7.3% PTXP 7.3% GEL 7.1% MPLX 6.9% LMRK 6. CPLP 6.7% TLP 6. SNMP 6. TCP 5. EPD 5.1% GLOP 4. HMLP 4. BPL 4. FUN 3. CAPL 3.3% APU 1.1% SUN 1. CINR 0.5% AHGP 0. AMID 0. APLP 0. ARCX 0. ARLP 0. BKEP 0. BWP 0. CEQP 0. CNXC 0. CQP 0. DCP 0. DLNG 0. ENBL 0. ENLC 0. ENLK 0. ETE 0. GLP 0. GMLP 0. KMI 0. KNOP 0. NAP 0. NGL 0. NRP 0. NS 0. NSH 0. OKE 0. OKS 0. SMLP 0. SPH 0. SXCP 0. TGP 0. TOO 0. TRGP 0. USAC 0. WPT 0. PAGP (10.) PAA (21.) WPZ (29.) WMLP (33.) MMLP (38.5%) EEP (40.) CELP (48.3%) STON (50.) CCLP (50.3%) (5) (10) (15) VARIABLE MLPs OCIP 283.3% DMLP 108.1% VNOM 102.7% ALDW TNH (35.) UAN (92.)

15 1 Week Price Performance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ource: AMZ (1.1%) BPL (1.) PBFX (1.3%) HMLP (1.3%) WGP (1.3%) FUN (1.3%) GLP (1.3%) AMGP (1.3%) SUN (1.) DCP (1.5%) NRP (1.) BIP (1.) VNOM (1.) WES (1.) NS (1.) ENBL (1.7%) USAC (1.) ENLK (1.9%) NGL (2.) DM (2.) APU (2.3%) PSXP (2.3%) SMLP (2.) ENLC (2.) BKEP (2.5%) AMID (2.5%) GMLP (2.5%) GEL (2.) PAA (2.) STON (2.7%) TEGP (2.7%) EQM (2.) CNXC (2.) HCLP (2.) CNNX (2.) TLLP (2.9%) BWP (2.9%) BSM (3.) KRP (3.) ETE (3.) CEQP (3.) OCIP (3.) TEP (3.5%) ETP (3.7%) AM (3.) WMLP (4.) AHGP (4.5%) SXE (4.5%) TGP (4.) TCP (5.) APLP (5.) EMES (7.5%) NSH (7.) FGP (7.9%) SNMP (8.) USDP (15.1%) MCEP (15.5%) TOO (20.) LGCY (22.) EVEP (25.3%) 14

16 YTD Price Performance (2) SXE 168.1% NBLX 35. PTXP 33. VTTI 21.1% BIP 20. NMM 19.9% WNRL 19. ALDW 14. WLKP 13. OKS 12. DKL 12. SUN 11. CQP 10. GLOP 9. FUN 9. SPY 8.9% SNMP 8.5% OCIP 7. AM 7.5% CPLP 7. TGP 6. LMRK 6. KRP 6.1% PBFX 6. CLMT 5. WPT 4. VNOM 4.1% EVA 3. SHLX 2. RMP 2. WPZ 2. WGP 1. VLP 0.9% EQGP 0.7% HEP 0.5% MMLP 0.3% EPD 0.1% BWP (0.1%) CAPL (0.1%) TLLP (0.3%) HMLP (0.5%) BKEP (1.5%) STON (1.) TEP (1.) PSXP (1.9%) CINR (2.) NAP (2.5%) GPP (2.) SGU (3.) DM (3.) CVRR (3.) SRLP (3.9%) BPL (3.9%) MPLX (4.) ARLP (4.) GROUP DATA (1) (2) (3) (4) (5) (6) (7) Source: AHGP (4.) MMP (4.9%) ENBL (5.3%) TLP (5.) GLP (5.) AMGP (6.5%) EQM (6.5%) AMZ (6.) WES (7.) TCP (7.1%) ARCX (7.1%) SEP (7.) KMI (7.9%) DMLP (8.) APLP (8.) KNOP (8.1%) DLNG (8.1%) TEGP (8.9%) SMLP (9.3%) SXCP (9.) APU (9.) NS (9.) USAC (10.9%) ENLK (11.3%) CEQP (11.9%) DCP (12.9%) CNXC (13.) NRP (13.) CNNX (13.) ETP (13.) ENLC (13.) ETE (14.) BSM (16.1%) GEL (16.) NSH (17.5%) AROC (18.) TRGP (18.) GMLP (18.) EMES (19.1%) TNH (20.) PAA (20.) SPH (20.9%) SDLP (21.7%) PAGP (24.3%) FGP (24.) FELP (25.) USDP (27.) LGCY (30.7%) CELP (32.) UAN (32.1%) AMID (34.) EEP (35.) NGL (36.7%) MCEP (36.9%) HCLP (37.9%) EEQ (38.1%) WMLP (42.) CCLP (44.3%) TOO (48.) EVEP (66.) 15

17 % Below 52 Week Highs Positive number indicates close at a new high. (5%) (1) (15%) (2) PTXP BIP WNRL FUN WPT SUN RMP CQP WLKP AM WPZ BWP HMLP SGU VTTI EVA CAPL WGP EPD BKEP DKL GLOP EQGP SRLP GPP ALDW KNOP MMP LMRK VLP OCIP SHLX APU EQM SMLP ENBL SEP ARCX TLP DM VNOM BPL HEP OKS MPLX TLLP CPLP TEP TCP GLP DMLP OKE PBFX TEGP ETE PSXP ENLK DLNG (1) GROUP DATA (2) (3) (4) (5) (6) (7) (8) Source: AHGP KMI WES NS ENLC ARLP CNNX CVRR APLP CEQP SXCP BSM USAC TGP SXE GMLP NSH PAA TRGP NAP GEL MMLP PAGP CNXC TNH ETP SPH USDP CLMT AMID EEQ EEP NRP FELP NMM LGCY HCLP NGL SDLP CELP MCEP WMLP UAN EMES CCLP TOO STON EVEP FGP 16

18 % Above 52 Week Lows Negative number indicates close at a new low FELP 241% SXE 229% NRP 101% CNXC 91% OCIP 8 CVRR 8 SXCP 69% TGP ARLP DKL CLMT NMM EMES BIP ALDW GLP EVA SUN AHGP RMP AM BKEP PTXP ETE WNRL GPP OKS WLKP KNOP LGCY USDP TRGP ARCX LMRK CNNX VTTI APLP WGP SGU WPZ CPLP FUN GLOP ENBL DM VNOM CQP SDLP CEQP WES WPT UAN CCLP SRLP TEGP GROUP DATA 25% 2 15% 1 5% (5%) (1) (15%) (2) Source: DMLP HCLP DLNG EQGP MMLP TLLP SHLX GMLP MCEP TCP NAP OKE VLP ENLC STON AMID SMLP EVEP TLP USAC ENLK PSXP MMP KMI CAPL HMLP BSM PBFX MPLX TEP NGL HEP BWP WMLP NSH EPD SEP SPH EQM BPL NS PAGP PAA APU EEQ CELP EEP GEL TNH FGP ETP TOO 17

19 Yield versus Growth Current Yield Current Yield vs. 3 Year Historical Distribution Growth Rate y = 0.07x x R² = % 1 15% 2 25% 3 35% 4 3 Year Historical Distribution Growth Rate Current Yield vs. 3 Year Forward Distribution Growth Rate Includes data set for flat or positive 3 year historical growth rates. GROUP DATA Current Yield y = -0.11x x R² = 0.41 (10) (8) (6) (4) (2) Year Forward Distribution Growth Rate Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown. 18

20 Yield versus Growth 1 1 Current Yield vs. 3 Year Forward Distribution Growth Rate 5% Current Yield y = 0.80x x R² = % 1 15% 2 25% 3 35% 4 3 Year Forward Distribution Growth Rate GROUP DATA Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown. 19

21 Tickers by Segment Click Here for Links to Company Presentations Natural Gas & NGL Pipelines Crude & Refined Product Pipelines Gathering & Processing Terminal & Storage Upstream Propane & NGL Logistics Marine Coal General Partners Variable / Plants Downstream & Marketing BWP BPL AM ARCX BSM APU CPLP ARLP AHGP OCIP ALDW BIP EPD EEP AMID BKEP DMLP FGP DLNG CNXC AMGP TNH CAPL CINR ETP EEQ APLP CQP KRP NGL GLOP NRP AROC UAN GLP EVA KMI HEP CCLP DKL VNOM SGU GMLP SXCP ENLC WLKP SRLP FUN OKS MMP CELP DM SPH HMLP WMLP EQGP SUN LMRK SEP MPLX CEQP GEL KNOP ETE STON TCP NS CNNX GPP NAP NSH TEP PAA DCP MMLP SDLP OKE WPZ PAGP ENBL PBFX TGP TEGP PSXP ENLK TLLP TOO WGP SHLX EQM TLP VLP HESM USDP MEP VTTI NBLX WNRL PTXP WPT RMP SMLP SNMP TRGP USAC EVEP WES LGCY CLMT EMES SXE MCEP NMM CVRR HCLP BANKRUPTCY / RESTRUCTURED / DELISTED Other GROUP DATA AZUR ARP FELP ATLS BBEP LINE/LNCO MEMP NSLP VNR RED tickers indicate a past distribution cut / RED border indicates current distribution/dividend is zero / ORANGE tickers indicate VARIABLE distributions / YELLOW highlighting indicates companies & MLPs that DO NOT send a K-1 tax form. All other tickers send a K-1 tax form, MLP positions that generate a K-1 tax form are not appropriate for any type of tax advantaged accounts (i.e. IRAs, etc.). / General Partner list is not exhaustive, others include MPC, PSX, VLO, WMB, etc.,etc. / BSM, DMLP and VNOM are oil and gas Mineral Interest owners / SNMP is formerly SPP and moved to the Gathering & Processing segment from the Upstream segment 20

22 SECTION III SEGMENT YIELD DATA

23 Investment Grade Names Ticker EPD MMP EEP SEP OKS WPZ PSXP ETP PAA TCP MPLX WES EQM KMI BPL SHLX VLP S&P Debt Rating / Outlook BBB+ BBB+ BBB BBB BBB BBB BBB BBB (Neg) BBB- BBB- BBB- BBB- BBB- BBB- BBB- (Neg) GP: AA GP: BBB Current Yield* 6.1% 4.9% % % 10.3% % 6.5% % 3.9% 3. Forward Yield % 6.5% % 10.3% % % Maximum IDR Level 25% % Estimated Fee Based Cash Flow 8 85% % 85% 10 85% % Year Distribution Growth Rates: Trailing 5.3% 12.5% (13.) (12.) % (4.) 5.1% 18.1% 11.9% 22. (33.) 4. NA 26. Projected 2.3% 5.5% % % 2.7% % 11.1% 11. General Partner and/or IDR Owner - - ENB SE OKE WMB PSX ETE - TRP MPC WGP EQT - - RDS-A VLO C-Corp tracking stock** - - EEQ PAGP *Current Yield is calculated based on most recently announced distribution annualized. **Entities that hold underlying LP units on a one for one basis but have elected to be taxed as a C-Corp. EEQ pays distributions in kind, while PAGP pays in cash. Current Yield % 4.9% % % 10.3% % 6.5% % 3.9% 3. EPD MMP EEP SEP OKS WPZ PSXP ETP PAA TCP MPLX WES EQM KMI BPL SHLX VLP Forward Yield SEGMENT YIELD DATA % % 6.7% 6.9% % % EPD MMP EEP SEP OKS WPZ PSXP ETP PAA TCP MPLX WES EQM KMI BPL SHLX VLP Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown. RED tickers indicate a past distribution cut. ORANGE tickers indicate VARIABLE distributions. 22

24 Forward Yields by Segment Natural Gas & NGL Pipelines Crude & Refined Product Pipelines % ETP 7.5% TEP 6.9% TCP 6.7% SEP 6.5% OKS 6. EPD 6. WPZ 2. KMI 2.3% BWP NS 8.7% EEQ 8. PAA 8. EEP 8. PAGP 7.9% BPL 7. HEP 6. MPLX 5.1% PSXP 5. MMP 4. VLP 3. SHLX Gathering & Processing Terminal & Storage SEGMENT YIELD DATA % % 11.3% % % % 5.3% % 4.3% % 0. AMID CCLP SNMP CELP CEQP USAC ENLK DCP TRGP ENBL WES PTXP SMLP CNNX HESM EQM APLP RMP AM NBLX SXE % USDP 9.7% PBFX 9.7% GEL 9. MMLP 9.3% GPP 8. DKL 8. BKEP 8. ARCX 7.7% TLLP 7.3% WNRL 7. TLP 7. WPT 7. VTTI 5.3% CQP 4. DM Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown. 23

25 Forward Yields by Segment Upstream Propane & NGL Logistics % % % 10.1% 8.7% BSM KRP DMLP VNOM 0. EVEP 0. LGCY 0. MCEP SPH NGL APU 5.3% FGP 4. SGU Marine Coal SEGMENT YIELD DATA % TOO 11. GMLP 11.5% DLNG 9. KNOP 9. CPLP 9. HMLP 9.1% NAP 8.9% GLOP 3.5% TGP 1.5% SDLP 0. NMM SXCP 9.3% WMLP 8.1% ARLP 6. NRP 5. CNXC 0. FELP Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown. 24

26 Forward Yields by Segment General Partners Variable / Plants 1 9% 7% 5% 3% 1% 9.1% NSH 8. AHGP 6.9% ETE 6. ENLC 5. TEGP 5. OKE 4.7% WGP 4. AROC 3. EQGP 1. AMGP 5. WLKP 5. TNH 4. OCIP 1. UAN Downstream & Marketing Other SEGMENT YIELD DATA SUN 10.1% GLP 9.9% 9.1% 5.5% 2.1% 0. CAPL SRLP ALDW CVRR CLMT % 4.5% LMRK STON EVA CINR FUN BIP Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown. 0. EMES 0. HCLP 25

27 SECTION IV GLOSSARY

28 Lower 48 Shale Plays GLOSSARY 27

29 Glossary GLOSSARY Max GP IDR Tier Maximum General Partner ( GP ) Incentive Distribution Right Tier, typically publicly traded Master Limited Partnerships ( MLPs ) will have a General Partner that will receive an increasing share of distributable cash flow upon achieving certain levels of distributions to the Limited Partners up to a maximum of 5. Tax Form Typically MLPs send annual K-1s which add complexity to individual tax returns and also can cause issues if MLPs are held in an IRA account due to UBTI ( Unrelated Business Taxable Income ). If UBTI from MLPs exceeds $1,000 in an IRA then taxes should be paid out of the IRA. Est. Tax Deferral Estimated Tax Deferral represents the amount of the expected distributions that will be treated as a return of capital and used to adjust down the investment tax basis so not taxable until the unit holder sells the security. Distribution Distribution/Dividend, either the most recently announced quarterly distribution or the last distribution until the next one is announced. For recent IPOs the Next Dist is shown as the Minimum Quarterly Distribution ( MQD ) as per the prospectus; however, the first distribution will typically be pro-rated over the period of the quarter that the MLP was public so it will be less than the amount shown in the charts. Current Yield Yield calculated based on annualizing the most recent distribution. Forward Yield Yield calculated based on the next four estimated distributions. Current / Forward Yield AT Estimated Yields After Tax, basically after taking into account the amount of distributions that are tax deferred and the effective tax rate on the taxable portion of the distribution. Assumes non-tax deferred MLP distributions are taxed at the highest income tax rate of 43.. Deferred portion of MLP distributions received will lower investor s cost basis over time and result in deferred tax recapture upon sale of the MLP units. Historical Dist Growth Historical Distribution Growth rates, QoQ is Quarter over Quarter, YoY is Year over Year, 3YR and 5YR are the 3 year and 5 year compound annual growth rate ( CAGR ) in the distributions respectively, information will be rolled forward each quarter. U.S. 10 or 20 Year Treasury 10 or 20 Year Treasury forward yields after tax assume a 43. tax rate over the projected periods, so the 3 Year Forward Yield After Tax Undiscounted would be calculated as follows if the Current Treasury Yield was 3.0: (3.0 x ( tax rate)) x 3 years = 5.09%. 3 YR / 5 YR FWD Dist Growth 3 Year or 5 Year Forward Distribution Growth rate assumptions. 3 YR / 5 YR FYAT 3 Year or 5 Year Forward Yield After Tax, the undiscounted sum of the projected quarterly distributions taking into account the projected growth rate and also the estimated tax deferral divided by the current unit price. 3 YR / 5 YR FYAT / Beta 3 Year or 5 Year Forward Yield After Tax divided by Beta, an attempt to utilize Beta to rank the MLPs by taking into account risk as measured by Beta. 20 / 50 / 200 DMA The 20 Day Moving Average, 50 Day Moving Average and 200 Day Moving Average. EV Enterprise Value, sum of total equity market cap plus total debt less cash. EBITDA Earnings Before Interest Taxes Depreciation and Amortization and other non-cash charges, generally interim period annualized except for Propane segment which is trailing twelve months. ADJ EBITDA Adjusted EBITDA, EBITDA less the cash distributions paid to the GP, effectively represents EBITDA available for the LP unit holders since the EV is calculated using only the outstanding LP units and any related subordinated units and i-shares/units. TTM Trailing Twelve Months, YTD Year to Date, MRQ Most Recent Quarter. Financial data is trailing twelve months as per most recently filed financial statements, unless otherwise noted. 28

30 Glossary GLOSSARY Distributable Cash Flow ( DCF ) generally EBITDA less cash interest expense less maintenance capital expenditures less any cash taxes, represents the amount of cash available to pay distributions. Dist Cov Ratio ( DCR ) Distribution Coverage Ratio, Distributable Cash Flow divided by L.P. plus G.P. distributions, the higher the ratio the better, a ratio below 1.00x means that the MLP is effectively paying some of the distribution using debt (although some MLPs like the Propane MLPs have substantial seasonality of cash flows so in those cases the ratio is better suited to be viewed over a rolling four quarter period). Calculated using actual distributions paid (typically using declared distributions results in a lower DCR). Valuation Coverage Ratio ( VCR ) (EV / ADJ EBITDA) / Distribution Coverage Ratio. The DCR is generally TTM DCR unless the MRQ DCR is less than 1.00x, if so then the VCR calculation uses the lower MRQ DCR, if both TTM and MRQ are less than 1.0x the VCR calculation uses the lower DCR. M Cap Maintenance capital expenditures or sustaining capital expenditures as reported by the companies, generally the amount of capital required to replace partially or fully depreciated/obsolete assets, maintain the existing operating capacity or operating income of an MLP s assets (replace reserves/production for Upstream MLPs), and extend the useful life of assets (routine equipment and pipeline maintenance). Price / DCF LP Current price divided by the Distributable Cash Flow per LP Unit, so total Distributable Cash Flow less the Distributions that the General Partner receives. % GP Dist % of total distributions that the General Partner receives, as the distributions increase over time the Incentive Distribution Rights ( IDRs ) provide for more of the distributions to go to the General Partner. STSPY Spread to S&P 500 dividend yield, however, calculated based on the 3 or 5 year estimated forward yield after tax for the S&P 500 using data from SPY ETF as a proxy (assuming a 15% dividend tax rate and a 5% annual growth rate for SPY dividends), then in the chart it is compared to the 3 or 5 year estimated forward yield after tax for the MLP group average to come up with the spread. Avg / SPY Ratio 3 or 5 YR FWD Yield AT for the full MLP group divided by the 3 or 5 year forward dividend yield after tax for the SPY ETF. SEC PV10 The present value of estimated future revenues to be generated from the production of proved reserves calculated in accordance with Securities and Exchange Commission ( SEC ) guidelines, net of estimated lease operating expense, production taxes and future development costs, using price and costs as of the date of estimation without future escalation, without giving effect to non-property related expenses such as general and administrative expenses, debt service, depreciation, depletion and amortization, or Federal income taxes and discounted using an annual discount rate of 1. PIPE Private Investment in Public Equity. MMBOE / BOE / BCFE / MCFE Million Barrels of Oil Equivalent, Barrels of Oil Equivalent, Billion cubic feet equivalent, Thousand cubic feet equivalent, converted using a 6,000 cubic feet of natural gas to 1 barrel of oil ratio. Moving Average Heat Index calculated by the sum of the percentages of five moving average metrics that are Above, i.e. if the current price is Above the simple 20 day moving average, so the maximum Heat Index for each MLP segment is 50 and minimum Heat Index is. AMZ Alerian MLP index. Unit and share prices as of market close on the date shown on the cover. 29