Pipe to Pipe: A look at the Transformation of the Midstream Sector
|
|
- Lorraine Chapman
- 5 years ago
- Views:
Transcription
1 Pipe to Pipe: A look at the Transformation of the Midstream Sector Goldman, Sachs & Co. November 18, 2014 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind.
2 Market Cap ($mm) Massive Expansion and Transformation of MLP Landscape 126 $700,000 $600,000 $500,000 Midstream Exploration & Production Propane & Refined Fuel Distribution Marine Transportation Coal, Minerals, & Timber Other # of Companies $400, # of Companies $300,000 $200, $100,000 $ Source: Dealogic 1 Reflective of merger, reverse merger, bankruptcy, and IPO activity since
3 Largest MLPs Have Grown Exponentially Market Capitalization ($ in billions) 5 Years Ago Today $ 73 $ 44 $ 18 $ 16 $ 23 $ 23 $ 20 $ 8 $ 7 $ 6 EPD KMP ETP PAA EEP EPD KMP ETP WPZ PAA Source: Bloomberg 2
4 # of Transactions Per Period Midstream M&A Activity Has Accelerated In Both Size and Number of Transactions YTD (US$ in billions) $67 $65 $49 $32 $3 $28 $50 $5 $18 $18 $6 $5 $12 $7 $4 $6 $4 $6 $4 $7 $13 $6 $8 $6 $2 $1 $1 $5 $6 $6 $7 $9 $18 $11 $9 $9 $4 $8 $ ¹ YTD² <$1bn $1-3bn $3-5bn >$5bn Source: Wall Street research, IHS Herold Note: Transaction size greater than $100mm. Excludes all drop-down and affiliate transactions. Multiples represent Enterprise Value / FY1 EBITDA multiple. ¹ Excludes acquisition of Kinder Morgan in management take-private transaction along with consortium of financial acquirers announced 19-Apr Excludes consolidation of Kinder Morgan controlled entities announced 11-Aug
5 Midstream Sector Outperformance Is Widely LQA Yield Noted 311 % Alerian Has Outpaced the Broader Market 163 % 111 % 96 % 72 % 69 % 10 Years 5 Years 3 Years Alerian Total Return S&P 500 Total Return And Seen Its Yield Compress 7.4% 6.2% 6.1% 6.6% 5.8% 5.6% Current Alerian LQA Yield Source: Bloomberg 4
6 2-Year DPU Growth LQA Yield But Alerian Yield Compression Has Simply Followed Constituents Growth Profiles The Alerian Now Contains More High Growth and Ultra High Growth Constituents 8.7% 7.1% 6.4% 6.9% 6.0% 8.8% 8.2% 7.7% 6.7% 6.6% 6.5% 5.1% 5.2% 5.4% 3.8% 9.0% 6.1% 4.4% 2.1% # of Companies Current Who Are Growing at Record Rates 22.8% 11.5% 13.5% 12.8% 12.3% 15.3% 14.8% 6.7% 7.0% 6.6% 7.6% 7.4% 7.0% 1.8% 3.3% 3.2% 1.8% 2.5% 2.6% Current Low Growth (<5%) Medium Growth (5%-10%) High Growth (10%-20%) Ultra High Growth (>20%) Source: Company filings, Alerian MLP Index, IBES, Bloomberg Note: Based on Alerian constituents at year end. 5
7 Yield Has Not Meaningfully Compressed For Stable Growth Alerian Expected Total Return 12.0% 11.3% 12.0% 13.0% 12.7% 13.1% 4.6% 5.1% 6.0% 6.5% 6.9% 7.5% 7.4% 6.2% 6.1% 6.6% 5.8% 5.6% Current 5% to 6% Growth MLPs Expected Total Return 1 # of Companies % 12.0% 12.0% 11.9% 11.9% 12.1% 5.5% 5.2% 5.4% 5.6% 5.1% 5.2% 6.6% 6.8% 6.7% 6.3% 6.8% 6.9% Current LQA Yield 2-Year DPU Growth Source: Alerian MLP Index, IBES, Bloomberg Note: Alerian constituents at year end. ¹ Includes Alerian constituents with 2-year DPU CAGR within 50bps of 5% and 6%. 6
8 LQA Yield LQA Yield Investors Are Increasingly Focused on Growth MLP Universe 2 Years Ago MLP Universe Today Focused On Growth¹ 1.0 % 1.0 % VLP PSXP 2.0 % 2.0 % BWP OILT DM TRGP WGP PAGP EQM 4.0 % 8.0 % WES OILT TLLP SXL EPD OKS PAA MMP ACMP EPB RRMS SEPKMP WPZ NGL GEL ETPHEP DPM TCP APLBKEP EEP NGLS TLP MWE BWP ENLK BPL NSRGP AMID MMLP 4.0 % 8.0 % MPLX MMP SXL EPD WNRL WES RRMS GEL TLLP SEP SMLP ACMP QEPM NGLS PAA ENLK MWE DKL ENBL BPL DPM OKS MEP KMP TCP HEP WPT NGL EPB ETP BKEP ARCX WPZ AMID RGP NS TLP SXEFISH APL EEP MMLP ENLC TEP CNNX 0.0 % 7.5 % 15.0 % 22.5 % 30.0 % DPU CAGR 0.0 % 7.5 % 15.0 % 22.5 % 30.0 % DPU CAGR Crude & Refined Products Gathering and Processing Gas Pipeline Diversified Public GP Source: Company filings, IBES, Wall Street research, Bloomberg 1 Triangles denote recent IPOs. 7
9 Blocks Overnights / 1 Day Marketed IPOs Institutional Capital Has Become a Leading Influence on the MLP Market MLP Markets Becoming Institutional Driven by Uptick in MLP-Dedicated Funds Allocations in MLP Offerings Have Evolved $19,044 $16,941 5 Years Ago Today $7,805 $6,754 $679 $1,593 $2,197 $2,606 $10,528 $2,669 $4,599 $9,626 $4,741 $10,291 $3,586 Retail 55% Institutional 45% Retail 22% Institutional 78% $986 $615 $188 $188 $372 $3,878 $3,606 $3,261 $4,677 $3,064 Institutional 5% CEF ETFs/ETNs OEFs And Increasing Sector Participation from Blue Chip Institutions and Hedge Funds Retail 95% Retail 50% Institutional 50% Retail 5% No Block Market Institutional 95% Source: U.S. Capital Advisors, LLC, Factset, GS Internal Data, Dealogic 8
10 Questions Why do you think institutional interest in the MLP market has grown? How do institutional investors approach MLP valuation? What do you generally hear senior executives say are their biggest fears? What keeps them up at night? How do you think the recent significant downward moves in commodity prices will affect the energy industry in general and midstream in particular? Do you foresee the rapid pace of midstream consolidation continuing, and what M&A themes do you think will continue or emerge? How do you expect rising interest rates to impact MLPs? Will there be winners and losers? What lies ahead for general partners of drop down MLPs? Will diversified energy companies and utilities continue to retain the general partners of their affiliated MLPs? Are these general partners and IDR cash flow streams being properly valued when held within larger corporations? 9
The Infrastructure Pie: Where is the Capital Needed?
The Infrastructure Pie: Where is the Capital Needed? Bobby Tudor Tudor, Pickering, Holt & Co. September 15, 2014 The Current State of Play in Infrastructure Investment The Shale revolution has driven massive
More informationWEEK 1 JANUARY 4, MLP Protocol FREE VERSION
MLP PROTOCOL WEEKLY SNAPSHOT WEEK 1 JANUARY 4, 2013 FREE VERSION Contact Information Philip Trinder ADDITIONAL MLP PROTOCOL RESOURCES Monthly Analytics Asset Book Company Presentation Links PRESIDENT 4020
More informationWEEK 50 DECEMBER 14, MLP Protocol FREE VERSION
MLP PROTOCOL WEEKLY SNAPSHOT WEEK 50 DECEMBER 14, 2012 FREE VERSION Contact Information Philip Trinder ADDITIONAL MLP PROTOCOL RESOURCES Monthly Analytics Asset Book Company Presentation Links PRESIDENT
More informationWEEK 45 NOVEMBER 9, MLP Protocol FREE VERSION
MLP PROTOCOL WEEKLY SNAPSHOT WEEK 45 NOVEMBER 9, 2012 FREE VERSION Contact Information Philip Trinder ADDITIONAL MLP PROTOCOL RESOURCES Monthly Analytics Asset Book Company Presentation Links PRESIDENT
More informationWEEK 47 NOVEMBER 23, MLP Protocol FREE VERSION
MLP PROTOCOL WEEK 47 NOVEMBER 23, 2012 FREE VERSION Contact Information Philip Trinder ADDITIONAL MLP PROTOCOL RESOURCES Monthly Analytics Asset Book Company Presentation Links PRESIDENT 4020 MARLOWE HOUSTON,
More informationPlatts 2011 MLP Symposium. October 11, 2011
Platts 2011 MLP Symposium October 11, 2011 Disclaimer The opinions expressed in these materials represent the personal views of Salient s investment professionals and are based on their broad investment
More informationGuide to MLP Investing Equipping Investors to Make Informed Decisions About MLPs and Energy Infrastructure NAPTP MLP Annual Investor Conference
Guide to MLP Investing Equipping Investors to Make Informed Decisions About and Energy Infrastructure NAPTP MLP Annual Investor Conference Orlando, FL May 20-22 History of MLP IPOs Number of Launched 20
More informationCurrent GP / IDR Market Trends. Platts Conference Houston, TX October 11, 2011
Current GP / IDR Market Trends Platts Conference Houston, TX October 11, 2011 Forward-Looking Statements Statements made by representatives of Vanguard Natural Resources, LLC during the course of this
More informationWEEK 40 OCTOBER 5, MLP Protocol FREE VERSION
MLP PROTOCOL WEEKLY SNAPSHOT WEEK 40 OCTOBER 5, 2012 FREE VERSION Contact Information Philip Trinder PRESIDENT 4020 MARLOWE HOUSTON, TEXAS 77005 OFFICE: 832.408.5571 MOBILE: 713.854.7485 EMAIL: ptrinder@mlpprotocol.com
More informationWEEK 38 SEPTEMBER 21, MLP Protocol FREE VERSION
MLP PROTOCOL WEEK 38 SEPTEMBER 21, 2012 MLP Protocol FREE VERSION Contact Information Philip Trinder PRESIDENT MLP Protocol 4020 MARLOWE HOUSTON, TEXAS 77005 OFFICE: 832.408.5571 MOBILE: 713.854.7485 EMAIL:
More informationWEEKLY SNAPSHOT APRIL 22, MLP Protocol
WEEKLY SNAPSHOT APRIL 22, 2016 Contact Information / Table of Contents PHILIP TRINDER PRESIDENT EMAIL: ptrinder@mlpprotocol.com TWITTER: @MLP_Protocol TABLE OF CONTENTS I MARKETS AND LEVELS 3 II GROUP
More informationWEEKLY SNAPSHOT MAY 13, MLP Protocol
WEEKLY SNAPSHOT MAY 13, 2016 Contact Information / Table of Contents PHILIP TRINDER PRESIDENT EMAIL: ptrinder@mlpprotocol.com TWITTER: @MLP_Protocol TABLE OF CONTENTS I MARKETS AND LEVELS 3 II GROUP DATA
More informationCopano Energy. Memphis, TN
Morgan Keegan 2008 Equity Conference Memphis, TN NASDAQ: CPNO September 5, 2008 Disclaimer Statements made by representatives of, L.L.C. (the Company ) during this presentation may constitute forward-looking
More informationWEEKLY SNAPSHOT APRIL 15, MLP Protocol
WEEKLY SNAPSHOT APRIL 15, 2016 Contact Information / Table of Contents PHILIP TRINDER PRESIDENT EMAIL: ptrinder@mlpprotocol.com TWITTER: @MLP_Protocol TABLE OF CONTENTS I MARKETS AND LEVELS 3 II GROUP
More informationWEEKLY SNAPSHOT JANUARY 20, MLP Protocol
WEEKLY SNAPSHOT JANUARY 20, 2017 Contact Information / Table of Contents PHILIP TRINDER PRESIDENT EMAIL: ptrinder@mlpprotocol.com TWITTER: @MLP_Protocol TABLE OF CONTENTS I MARKETS AND LEVELS 3 II GROUP
More informationAdvisory Research Forsyth Blvd. Suite 700 St. Louis, MO Tel:
Advisory Research 8235 Forsyth Blvd. Suite 700 St. Louis, MO 63105 Tel: 314 446-6750 www.advisoryresearch.com These materials are being furnished for informational purposes and are not to be distributed.
More informationWEEKLY SNAPSHOT APRIL 14, MLP Protocol
WEEKLY SNAPSHOT APRIL 14, 2017 Contact Information / Table of Contents PHILIP TRINDER PRESIDENT EMAIL: ptrinder@mlpprotocol.com TWITTER: @MLP_Protocol TABLE OF CONTENTS I MARKETS AND LEVELS 3 II GROUP
More informationThe Sky is Falling...
The Sky is Falling... September 2015 James Dondero Chicken Little is a large MLP investor. In the recent period of declining crude prices, virtually all energy-related assets have been impacted, including
More informationWEEKLY SNAPSHOT JUNE 2, MLP Protocol
WEEKLY SNAPSHOT JUNE 2, 2017 Contact Information / Table of Contents PHILIP TRINDER PRESIDENT EMAIL: ptrinder@mlpprotocol.com TWITTER: @MLP_Protocol TABLE OF CONTENTS I MARKETS AND LEVELS 3 II GROUP DATA
More informationEquity Research. MLP Monthly: October Abridged Edition. October 6, Master Limited Partnerships
October 6, 2014 Equity Research MLP Monthly: October 2014--Abridged Edition Interest Rates And Equity Weigh On Performance. Master Limited Partnerships (MLP) underperformed the market in September down
More informationWEEKLY SNAPSHOT JUNE 9, MLP Protocol
WEEKLY SNAPSHOT JUNE 9, 2017 Contact Information / Table of Contents PHILIP TRINDER PRESIDENT EMAIL: ptrinder@mlpprotocol.com TWITTER: @MLP_Protocol TABLE OF CONTENTS I MARKETS AND LEVELS 3 II GROUP DATA
More informationEnergy Infrastructure & MLP Strategy
Q4 2014 Energy Infrastructure & MLP Strategy 1360 East Ninth Street, Suite 1100 Cleveland, Ohio 44114 MLP Strategy 2014 Q4 MAI Firm Overview Independence and Innovation Who We Are Heritage dating back
More informationEnergy Infrastructure/MLPs
Energy Infrastructure/MLPs Back to School Blues Round 2: MLPs Held Back by Crude Slide Amidst Choppy Markets; Weekly Comp Tables The AMZX Index decreased -5.2% over the past week. Our Energy MLPs coverage
More informationWhat s Inside. Constituent Analysis. Distribution Review. Long Term Performance as of 3/31/18
ALERIAN MLP ETF QUARTERLY SCORECARD AMLP ETF Stats Ticker: AMLP Underlying Index: AMZI Listing Exchange: NYSE Arca CUSIP: 00162Q 866 Fund Inception: 8/25/10 Net Assets: $8.5 billion Net Asset Value: $9.38
More information6/30/17 7/31/17 5/31/17. *Source: Bloomberg NAV returns as of 12/31/2017. Past performance is not indicative of future results.
ALERIAN MLP ETF QUARTERLY SCORECARD AMLP ETF Stats Ticker: AMLP Underlying Index: AMZI Listing Exchange: NYSE Arca CUSIP: 00162Q 866 Fund Inception: 8/25/10 Net Assets: $10.3 billion Net Asset Value: $10.82
More informationAnalyst Day. January 18, 2018
Analyst Day January 18, 2018 Forward-Looking Statements 2 This presentation contains forward-looking statements. All statements, other than statements of historical facts, included in this presentation
More informationALPS Alerian MLP ETF (AMLP) Summary. Description. Historical prices (1 year) DIAMONDS* RATINGS* ETFG RISK RATING 2.32 ETFG REWARD RATING 7.
ALPS Alerian MLP ETF (AMLP) Tearsheet as of 7:30 pm, April 26, 2014. Summary RATINGS* DIAMONDS* ETFG RISK RATING 2.32 ETFG REWARD RATING 7.40 Description Alerian MLP ETF is an exchange-traded fund incorporated
More informationMLP Correction Watch
Equity Research: Master Limited Partnerships (MLPs) June 14, 2013 MLP Industry Update Hinds Howard Senior Analyst 512.692.9188 hhoward@guzman.com MLP Correction Watch Statistics and Commentary 2013 s version
More informationCopano Energy NASDAQ: CPNO RBC Capital Markets MLP Conference November 17, 2006
Copano Energy NASDAQ: CPNO RBC Capital Markets MLP Conference November 17, 2006 Forward-Looking Statements Statements made by representatives of Copano Energy, L.L.C. (the Company ) during this presentation
More informationAAII Annual Conference Las Vegas, Nevada November 12, 2011
AAII Annual Conference Las Vegas, Nevada November 12, 2011 Forward-Looking Statements Statements made by representatives of Vanguard Natural Resources, LLC during the course of this presentation that are
More informationMLPs Playing Offense vs Defense
Americas/United States Equity Research Master Limited Partnerships Research Analysts John Edwards, CFA 713 890 1594 john.edwards@credit-suisse.com Abhiram Rajendran 212 538 9038 abhiram.rajendran@credit-suisse.com
More informationGoing Public Strategies
Going Public Strategies Tulsa Master Limited Partnership Conference Tim Fenn, Partner, Latham & Watkins Greg Matlock, Partner, Ernst & Young vember 12, 2015 Latham & Watkins operates worldwide as a limited
More informationCAPITAL MARKETS AND OTHER FINANCING OPPORTUNITIES FOR FRAC SAND PRODUCERS
CAPITAL MARKETS AND OTHER FINANCING OPPORTUNITIES FOR FRAC SAND PRODUCERS Ryan J. Maierson OCTOBER 2014 FRAC SAND MARKET DEMAND TRENDS Capital Spending (n US$ millions) 1,000,000 900,000 800,000 700,000
More informationPARKER GLOBAL STRATEGIES
PARKER GLOBAL STRATEGIES UPDATE ON MLPs AND GLOBAL OIL MARKET February 2016 1 2016, PGS REQUIRED DISCLOSURES This presentation is for discussion purposes only, for use by its authors and those who have
More informationGSAM Energy & Infrastructure Team 2015 Review and 2016 Outlook
GSAM Energy & Infrastructure Team 2015 Review and 2016 Outlook January 2016 Table of Contents 1. MLP Sector Performance 2. Overview of MLP Fundamentals 3. Review of MLP Model 4. Valuation & Outlook 2 MLP
More information2015 Jefferies Energy Conference Pete Bowden Global Head of Midstream Energy Investment Banking November Jefferies LLC Member SIPC
2015 Jefferies Energy Conference Pete Bowden Global Head of Midstream Energy Investment Banking November 2015 Jefferies LLC Member SIPC Current Macro Environment 1 Production / Consumption (MMBbl/d) Stock
More informationMLP Market Update May 2018
0 MLP Market Update May 2018 COMMENTARY Master Limited Partnerships ( MLPs ), as represented by the Alerian MLP Index ( Index ), gained 5.1% during the month of May. Year to date, the Index is now in positive
More informationAN INTRODUCTION TO MASTER LIMITED PARTNERSHIPS (MLPS)
OCTOBER 2017 AN INTRODUCTION TO MASTER LIMITED PARTNERSHIPS (MLPS) Energy Series www.velaw.com TODAY S PANEL E. RAMEY LAYNE PARTNER, CAPITAL MARKETS AND MERGERS & ACQUISITIONS +1.713.758.4629 rlayne@velaw.com
More informationYORKVILLE MLP BEAT. MLPs: Finding Value in MLP Highlights. Yorkville MLP Core Income Strategy (MLPC) +58.6% in 2013
mmboe/day YORKVILLE MLP BEAT 2013 MLP Highlights Yorkville MLP Core Income Strategy (MLPC) +58.6% in 2013 MLPs Up +28.6% 5 th Straight Year of Gains Infrastructure MLPs +32.4%, More Than 2x Commodity MLPs
More informationKayne Anderson. Midstream Market Update: Q April 2018
Kayne Anderson Midstream Market Update: Q1 2018 April 2018 Topics Covered in Presentation Recent trading performance for MLPs and Midstream Companies Fourth quarter earnings and recent news flow for the
More informationVentura County Employees' Retirement Association
Ventura County Employees' Retirement Association Energy infrastructure 2017 Tortoise Ventura County Employees' Retirement Association May 15, 2017 MASTER PAGE NO. 22 of 269 Tortoise presenters Andrew Goldsmith
More informationPARKER GLOBAL STRATEGIES, LLC MLP QUARTERLY REVIEWS
MLP QUARTERLY REVIEWS - 2011 TABLE OF CONTENTS: Sections Page I. 1 st Quarter 2011: 3 II. 2 nd Quarter 2011: 9 III. 3 rd Quarter 2011: 15 IV. 4 th Quarter 2011: 20 2 MLP Quarterly Update First Quarter,
More informationCorporate Credit Profile October 2014
Corporate Credit Profile October 2014 Kinder Morgan Inc. (KMI) KMI (Holdco) Moody s: Ba2/Review for upgrade to Baa3 S&P: BB/Review for upgrade to BBB- KMP (MLP) Moody s: Baa2/Review for downgrade to Baa3
More informationTortoise Capital Advisors, LLC Mandate: Master Limited Partnerships Hired: 2012
Tortoise Capital Advisors, LLC Mandate: Master Limited Partnerships Hired: 2012 Firm Information Investment Approach Total ARMB Mandate Tortoise Capital was founded in 2002 to provide energy investment
More informationMLP Market Update: FERC Ruling
MLP Market Update: FERC Ruling PM Perspectives Summary The Federal Energy Regulatory Commission ( FERC ) ruled that master limited partnerships ( MLPs ) can no longer include an income tax allowance in
More informationYORKVILLE MLP BEAT. OPEC Cuts Extend U.S. Growth Runway. MLP-Moving News. OPEC Extends Production Cuts Through 2018
YORKVILLE MLP BEAT MLP-Moving News OPEC Extends Production Cuts Through 2018 Yorkville MLP Universe Down 7.7% YTD 6 of 10 MLP Sectors Down in November Commodity MLPs Outpace Infrastructure MLPs for Fifth
More informationUpdate Hidden Value in MLP & Midstream Credit
JANUARY 2018 Update Hidden Value in MLP & Midstream Credit Sharam Honari Partner SHonari@BlackGoldCap.com 832 706 4873 Chris Jacobe Director, Client Solutions CJacobe@BlackGoldCap.com 832 871 4233 Shalin
More informationEquity Research. MLP Monthly: March March 10, Master Limited Partnerships
March 10, 2014 Equity Research MLP Monthly: March 2014 Flat Year-To-Date - MLPs Underperform. Following flat performance in January, Master Limited Partnerships (MLPs) were down 0.4% in February (as measured
More informationUpstream Master Limited Partnerships: Yield Investments with a Tax Advantage
Upstream Master Limited Partnerships: Yield Investments with a Tax Advantage Cedric Burgher, CFO of QR Energy, LP CFA Society Houston January 30, 2013 Disclosures Forward Looking Statements and Reserves
More informationNEUBERGER BERMAN MLP Income Fund ( NML )
NEUBERGER BERMAN MLP Income Fund ( NML ) A new closed-end fund investment opportunity focused on master limited partnerships (MLPs) Pure-play MLP fund focused on delivering total return with an emphasis
More informationEvaluating MLP Performance Across Interest Rate Cycles
Evaluating MLP Performance Across Interest Rate Cycles RESEARCH TEAM John D. Edwards, CFA (713) 890-1594 john.edwards@credit-suisse.com Bhavesh Lodaya (212) 325-2337 bhavesh.lodaya@credit-suisse.com Dylan
More informationYorkville s Quarterly MLP Beat
Yorkville s Quarterly MLP Beat 2Q13 MLP Highlights Yorkville Launches the First Ever Variable Distribution MLP Index MLPs Up +3.2% in Q2 & +23.2% YTD Infrastructure MLPs Beat Commodity MLPs in 2Q13 7 of
More informationYorkville s Quarterly MLP / PTP Beat
MLP / PTP BEAT ISSUE N 13 1st Quarter 2013 1Q13 MLP Highlights Yorkville s Quarterly MLP / PTP Beat The Investment Case for MLPs: Distribution Growth MLP Universe Grows Distributions +6.8% YoY, +7.8% QoQ
More informationUS Energy Logistics / Master Limited Partnerships (MLPs) Upgrade to Overweight (from Market Weight) December 2, 2016
2017 - US Energy Logistics / Master Limited Partnerships (MLPs) Upgrade to Overweight (from Market Weight) December 2, 2016 RESEARCH ANALYSTS John D. Edwards, CFA (713) 890-1594 john.edwards@credit-suisse.com
More informationYORKVILLE MLP BEAT. What The FERC? MLP-Moving News. FERC Surprises Investors, Weighs on MLP Performance
THE POWER OF PARTNERSHIPS YORKVILLE MLP BEAT MLP-Moving News FERC Surprises Investors, Weighs on MLP Performance MLPs Sold Indiscriminately Following Overblown FERC Concerns Yorkville MLP Universe -9.5%
More informationPARKER GLOBAL STRATEGIES, LLC
PARKER GLOBAL STRATEGIES, LLC MLPS: THE OPPORTUNITIES AND THE CHALLENGES MARCH 2016 EXECUTIVE SUMMARY Defensive MLPs Present an Attractive Current Investment Opportunity Defensive MLPs have underperformed
More informationMLP Valuation Deep Dive Amidst the Downturn
US Energy Logistics / Master Limited Partnerships (MLPs) MLP Valuation Deep Dive Amidst the Downturn John D. Edwards, CFA (713) 890-1594 john.edwards@credit-suisse.com Bhavesh Lodaya (212) 325-2337 bhavesh.lodaya@credit-suisse.com
More informationGSAM Energy & Infrastructure Team. April 2018 Monthly Market Update
GSAM Energy & Infrastructure Team April 2018 Monthly Market Update Table of Contents I. Master Limited Partnership (MLP) Market Update II. III. MLP Market Data Appendix & Disclosures 1 I. Master Limited
More informationYORKVILLE MLP BEAT 7.2% -1.9% Earnings Underscore Different Business Models. MLP-Moving News. Infrastructure. Grew Distributions 8.
YORKVILLE MLP BEAT MLP-Moving News Infrastructure MLPs Grew Distributions 8.4% in Q2 MLPs Yielding 8.5% MLPs Continue Positive Trend, +2.1% in May Infrastructure MLPs +2.5% on Month, Commodity -0.5% 7
More informationDirty Little Secrets The Naked Truth: Uncovering Opportunities in the Midstream Sector
Dirty Little Secrets The Naked Truth: Uncovering Opportunities in the Midstream Sector Report Published: January 2018 Page 1 of 165 Dirty Little Secrets 2018: $7.2 billion (15%) in cash-flow growth from
More informationENERGY TRANSFER EQUITY
ENERGY TRANSFER EQUITY Credit Suisse MLP & Energy Logistics Conference June 10 th 2014 Jamie Welch Group CFO LEGAL DISCLAIMER This presentation relates to a meeting among members of management of Energy
More informationMaster Limited Partnership (MLP) Overview
Master Limited Partnership (MLP) Overview ENERGY SECTOR REPORT 17 October 2017 ANALYST(S) Andy Pusateri, CFA This publication is for informational purposes only. While Edward Jones' Research Department
More informationYorkville s Quarterly MLP / PTP Beat
MLP / PTP BEAT ISSUE N 10 4th Quarter 2012 2012 MLP Highlights Yorkville s Quarterly MLP / PTP Beat 2013: The Future Looks Bright MLPs End 2012 With Total Return of +5.8%, Worst Relative Performance to
More informationYORKVILLE MLP BEAT. MLPs Due For a Turn. MLP-Moving News. Fundamentals Remain Robust, Technicals May Signal Inflection Point. 4Q17 EBITDA Growth 12.
YORKVILLE MLP BEAT MLP-Moving News Fundamentals Remain Robust, Technicals May Signal Inflection Point 4Q17 EBITDA Growth 12.3% Commodity MLPs Continue Streak of Outperformance Refined Product Pipelines
More informationU.S. Research Published by Raymond James & Associates
Energy Darren Horowitz, (713) 278-5269, Darren.Horowitz@RaymondJames.com Kevin Smith, (713) 278-5278, Kevin.Smith@RaymondJames.com Cory J. Garcia, (713) 278-5240, Cory.Garcia@RaymondJames.com Edward Rowe,
More informationMorgan Keegan Equity Conference
Morgan Keegan Equity Conference September 5, 2008 Randy Fowler Executive Vice President & CFO Forward Looking Statements This presentation contains forward-looking statements and information based on Enterprise
More informationGSAM Energy & Infrastructure Team. MLP Market Review & Outlook
GSAM Energy & Infrastructure Team MLP Market Review & Outlook April 2018 I. Executive Summary 1 What Has Driven MLP Weakness? Poor Execution, Market Sentiment, & Regulatory Uncertainty Points of Concern
More informationConnections for America s Energy. Wells Fargo 2013 Annual Energy Symposium. Presentation Title. Presentation Subtitle 12/10/2013. December 10-11, 2013
Wells Fargo 2013 Annual Energy Symposium Presentation Title Presentation Subtitle 12/10/2013 December 10-11, 2013 Crestwood Midstream Partners LP Crestwood Equity Partners LP Forward Looking Statements
More informationJ a n n e y Corporat e Credit J u ly 9, 2013
MLP Monitor: June-July J a n n e y Corporat e Credit J u ly 9, 2013 Growth capex plans remain high, but rates and energy price volatility may cause firms to cut guidance during earnings season this month.
More informationENERGY TRANSFER EQUITY, L.P.
ENERGY TRANSFER EQUITY L.P. Credit Suisse Conference June 23 2015 Jamie Welch Group CFO DISCLAIMER This presentation relates to a presentation the management of Energy Transfer Equity L.P. (ETE) will give
More informationAnnual Report. November 30, Alerian MLP ETF (NYSE ARCA: AMLP) Alerian Energy Infrastructure ETF (NYSE ARCA: ENFR) An ALPS Advisors Solution
Annual Report November 30, 2018 Alerian MLP ETF (NYSE ARCA: AMLP) Alerian Energy Infrastructure ETF (NYSE ARCA: ENFR) An ALPS Advisors Solution TABLE OF CONTENTS Performance Overview Alerian MLP ETF...
More informationYORKVILLE MLP BEAT. Follow the Leader: MLP Bonds. MLP-Moving News. Yorkville MLP Universe Falls 1.9% in 3Q17. MLP Debt Resilient, Trading Near Highs
YORKVILLE MLP BEAT MLP-Moving News Yorkville MLP Universe Falls 1.9% in 3Q17 MLP Debt Resilient, Trading Near Highs Marine Transport, G&P Lead MLPs YTD Commodity MLPs +4.7% in Q3 as Crude Oil Price Rallies
More informationYORKVILLE MLP BEAT. U.S. Oil Production Up, Up and Away. MLP-Moving News. Yorkville MLP Universe Up 5.1% in December
1920 1925 1930 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 YORKVILLE MLP BEAT MLP-Moving News Yorkville MLP Universe Up 5.1% in December U.S. Oil, Gas Production
More informationMorgan Stanley Midstream MLP and
Morgan Stanley Midstream MLP and Diversified Presentation Natural Title Gas Corporate Presentation Subtitle Access Event 3/2/2014 March 4-5, 2014 Crestwood Midstream Partners LP Crestwood Equity Partners
More informationAsset Class Review APR. 24, Master Limited Partnerships
APR. 24, 2013 INVESTOR EDUCATION GLOBAL INVESTMENT COMMITTEE Asset Class Review OVERVIEW AUTHOR Master Limited Partnerships DESCRIPTION. Master limited partnerships (MLPs) operate physical assets such
More informationYorkville Publicly Traded Partnerships Universe Indices:
Yorkville Publicly Traded Partnerships Universe Indices: A Complete Study of Risk and Return (1986-2011) Yorkville Capital Management LLC www.yorkvillecapital.com/indexes Index Calculation and Maintenance
More informationMLP Investment Company
MLP Investment Company KYN Semi-Annual Report May 31, 2018 CONTENTS Management Discussion... 1 Portfolio Summary... 6 Schedule of Investments... 7 Statement of Assets and Liabilities... 10 Statement of
More informationThird Quarter 2018 Earnings Presentation. November 1, 2018
Third Quarter 2018 Earnings Presentation November 1, 2018 Legal Disclaimer 2 No Offer or Solicitation This presentation discusses a previously announced proposed business combination transaction between
More informationMLPs and Interest Rates Revisited
Americas/United States Equity Research Master Limited Partnerships Research Analysts John Edwards, CFA 713 890 1594 john.edwards@credit-suisse.com Abhiram Rajendran 212 538 9038 abhiram.rajendran@credit-suisse.com
More informationCreditSights Risk Products: Credit Risks and Opportunities IACPM Fall Conference, November 2016
CreditSights Risk Products: Credit Risks and Opportunities IACPM Fall Conference, November 2016 Jim Sullivan +1 (212) 340-3888 jsullivan@creditsights.com CreditSights: Fundamental Research and Risk Products
More informationNovember 30, annual REPORT. AMLP Alerian MLP ETF ENFR Alerian Energy Infrastructure ETF. An ALPS Advisors Solution
November 30, 2014 annual REPORT AMLP Alerian MLP ETF ENFR Alerian Energy Infrastructure ETF An ALPS Advisors Solution table of CONTENTS Performance Overview Alerian MLP ETF 1 Alerian Energy Infrastructure
More informationCapitalization Rate Study for Centrally Assessed Properties
for Centrally Assessed Properties as of January 1 st, 2018 Louisiana Tax Commission Public Service Section 1051 North 3 rd Street, 2 nd Floor P. O. Box 66788 Baton Rouge, LA 70896-6788 (225) 219-0339 http://www.latax.state.la.us
More informationAccess Midstream Partners (ACMP, Outperform, $63 TP) Not Too Late to Gain Access to a Best-in-Class MLP Story
Access Midstream Partners (ACMP, Outperform, $63 TP) Not Too Late to Gain Access to a Best-in-Class MLP Story With the publication of this report, Abhiram Rajendran is assuming primary coverage of Access
More informationCENTER COAST MLP FOCUS FUND (Class A Shares: CCCAX) (Class C Shares: CCCCX) (Institutional Class Shares: CCCNX)
CENTER COAST MLP FOCUS FUND (Class A Shares: CCCAX) (Class C Shares: CCCCX) (Institutional Class Shares: CCCNX) ANNUAL REPORT NOVEMBER 30, 2017 A series of Investment Managers Series Trust Table of Contents
More informationANNUAL REPORT. November 30, Alerian MLP ETF (NYSE ARCA: AMLP) Alerian Energy Infrastructure ETF (NYSE ARCA: ENFR) An ALPS Advisors Solution
ANNUAL REPORT November 30, 2017 Alerian MLP ETF (NYSE ARCA: AMLP) Alerian Energy Infrastructure ETF (NYSE ARCA: ENFR) An ALPS Advisors Solution TABLE OF CONTENTS Performance Overview Alerian MLP ETF...
More informationMidstream Energy MLPs Primer
Morgan Stanley & Co. Incorporated NORTH AMERICA MLPs: from A to Z As a pass-through tax entity, Master Limited Partnerships (MLPs) have become a crucial part of the energy landscape and a viable and meaningful
More informationCenter Coast MLP & Infrastructure Fund
1 2013 Annual Report Center Coast MLP & Infrastructure Fund 201 ANNUAL REPORT NYSE CEN 2017 Annual Report 2 NOVEMBER 30, 2017 Table of Contents Fund Overview (unaudited)... 3 Shareholder Letter (unaudited)...
More informationMLP Primer Part 1: Incentive Distribution Rights (IDRs)
MLP Primer Part 1: Incentive Distribution Rights (IDRs) July 16, 2014 Kevin Kaiser kkaiser@hedgeye.com @HedgeyeEnergy HEDGEYE ENERGY JULY 16, 2014 1 Introduction to this Primer The reach for yield has
More informationMLP Market Update. August 2014
MLP Market Update August 2014 Important Information Past performance of the securities mentioned in this presentation is no assurance of future performance or market conditions. Investing in securities
More informationIPAA Private Capital Conference. Peter Bowden January 21, 2014
IPAA Private Capital Conference Peter Bowden January 21, 2014 Historical MLP Capital Raising Activity ($ in Billions) Since 2010, there has been significant growth in institutional demand for debt and
More informationEnergy Infrastructure Master Limited Partnerships (MLPs) An Attractive Diversifying Asset Class?
White Paper Energy Infrastructure Master Limited Partnerships (MLPs) An Attractive Diversifying Asset Class? DiMeo Schneider & Associates, L.L.C. JUNE 2006 BY MATTHEW RICE, CFA What are Master Limited
More informationWilliams and Williams Partners Fourth Quarter Earnings Call
Williams and Williams Partners Fourth Quarter Earnings Call February 16, 2017 2016 Review and Recent Accomplishments > Strong operating and financial performance; Cash Flow from Operations up significantly,
More informationMidstream 2014 Recap and 2015 Year Ahead January 9, 2015
Midstream 2014 Recap and 2015 Year Ahead January 9, 2015 Becca Followill Senior Managing Director 713-366-0557 bfollowill@uscallc.com James Carreker, CFA Director 713-366-0558 jcarreker@uscallc.com Please
More informationenergy partners lp Investor Update June 2018
energy partners lp Investor Update June 2018 Disclaimers This presentation contains forward-looking statements made by Valero Energy Corporation ( VLO or Valero ) and Valero Energy Partners LP ( VLP or
More informationCiti s 2012 MLP/Midstream Infrastructure Conference. August 22-23, 2012
Citi s 2012 MLP/Midstream Infrastructure Conference August 22-23, 2012 Forward-looking Information Certain matters contained in this presentation include forward-looking statements within the meaning of
More informationUPDATE. The disconnect between strong fundamentals both current plus from MLP
MLP OCTOBER 6, 2015 UPDATE :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: THIRD QUARTER 2015 :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: In our opinion, current MLP prices
More informationHiland Partners, LP (HLND) Hiland Holdings GP, LP (HPGP)
Hiland Partners, LP (HLND) Hiland Holdings GP, LP (HPGP) 2006 RBC Master Limited Partnership Conference Four Seasons Hotel at Las Colinas, Dallas, TX November 16 & 17, 2006 Randy Moeder Chief Executive
More informationCiti MLP Conference August 16, 2017
Citi MLP Conference August 16, 2017 Forward-Looking Statements This presentation contains forward-looking statements. All statements, other than statements of historical facts, included in this presentation
More informationTortoise MLP Fund, Inc.
Tortoise MLP Fund, Inc. SM Yield Growth Quality 2014 3rd Quarter Report August 31, 2014 Steady Wins C o m p a n y a t a G l a n c e Tortoise MLP Fund, Inc. (NYSE: NTG) offers a closed-end fund strategy
More informationCohen & Steers MLP & Energy Opportunity Fund
Mutual Fund First Quarter 2017 Cohen & Steers MLP & Energy Opportunity Fund NASDAQ Symbols: Class A: MLOAX Class C: MLOCX Class I: MLOIX Class R: MLORX Class Z: MLOZX This Fund offers investors the potential
More information