MLP Protocol 051013

Key adjustments from last week:

  • On May 6, CMLP announced plans to merge with NRGY and NRGM to create a fully integrated midstream partnership with a total enterprise value of approximately $7 billion (Press Release).
  • On May 7, PSE announced that it received a proposal from Pioneer Natural Resources Company (PXD) whereby PXD would acquire all of the outstanding, publicly-held Pioneer Southwest common units PXD does not already own through a stock-for-unit exchange.
    1. PXD is proposing consideration of 0.2234 of a share of PXD common stock for each outstanding publicly-held PSE common unit
    2. Pioneer stated that it has assumed that a regular quarterly common unit distribution of $0.52 per common unit will be declared in July and that, thereafter, common unit distributions will be suspended while the transaction is pending (Press Release)
  • Adjusted BIP for a 5.6771 million unit equity offering at $37.75 on May 7.
  • Adjusted APL and ATLS for the closing of the TEAK Midstream, LLC acquisition on May 7 (Press Release).
  • Added Emerge Energy Services LP (“EMES”) to the Other MLP segment after its IPO at $17 on May 8.
  • First quarter 2013 distribution announcements Quarter-over-Quarter: 57 increases, 37 flat and 2 decreases (RNF and NTI both are variable rate MLPs, NTI is based on the mid-point of the $1.15 to $1.25 distribution guidance they provided on April 26 so not officially final yet).
  • Ongoing 1Q13 updates as financials are filed (89 updated so far with a few stragglers remaining).

The MLP Protocol Monthly Analytics Report for May is now available, the June 2013 report will be available after May 30th.

MLP Protocol Weekly Snapshot report: (click to open) MLPP 051013 Snapshot vFree

About Philip Trinder

President of MLP Protocol, investor, trader, and proponent of Master Limited Partnerships.
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