MLP Protocol 091313

Key Adjustments:

  • Adjusted Enbridge Energy Partners (EEP) and Enbridge Energy Management (EEQ) for an 8 million EEQ share offering announced on September 9 at an estimated average price of $29 per share (down 3% from prior close).
  • Adjusted Inergy Midstream (NRGM) for an 11 million unit offering on September 9 at $22.50 per unit (down 3.3% from prior close).
  • Adjusted Rhino Resource Partners (RNO) for a 1.1 million unit offering on September 9 at $12.30 per unit (down 3.1% from prior close).
  • Adjusted Genesis Energy (GEL) for a 4.5 million unit offering on September 10 at $47.51 per unit (down 4.0% from prior close).
  • Added OCI Resources (OCIR) to the Other MLP segment (trona mining and soda ash operations) after its IPO at $19 per unit on September 12.
  • Adjusted PVR Partners (PVR) for a 5.5 million unit offering on September 12 at $23.00 per unit (down 4.6% from prior close).
  • Adjusted Capital Products Partners (CPLP) for its acquisition of three container vessels from its parent, additional detail below.

News Items:

On September 11, Memorial Production Partners (MEMP) announced that it closed two acquisitions of certain oil and natural gas properties located in East Texas and in the Rockies from third parties for an aggregate purchase price of approximately $29 million. The acquisitions were funded with borrowings under the Partnership’s revolving credit facility. (Press Release)

On September 11, Independent U.S. refiner Phillips 66 has ended its five-year crude supply contract with energy logistics company Targa Resources Partners (NGLS), the company said on Wednesday. “Phillips 66 and Targa have reached a mutual agreement to end a five-year contract that began in August 2012 to provide rail unloading and barge loading services for crude oil at Targa’s Tacoma, Washington terminal,” Phillips 66 said. (News Item)

On September 11, LINN Energy (LINE), LinnCo (LNCO) and Berry Petroleum Company (BRY) announced today that LINN Energy and LinnCo recently received comments related to the Form S-4 filed on August 9, 2013 in connection with the proposed merger transaction, and are working diligently to file an Amended Form S-4. Furthermore, LINN Energy, LinnCo and Berry Petroleum have agreed to set the record dates for their respective unitholder, shareholder and stockholder meetings as of September 30, 2013. (Press Release)

On September 12, LINN Energy, LLC (LINE) and LinnCo (LNCO) announced today that LINN Energy signed a definitive purchase agreement to acquire oil and natural gas properties located in the Permian Basin for a contract price of $525 million, subject to closing conditions. The Company anticipates the acquisition will close during the fourth quarter of 2013 and will be financed primarily with proceeds from a committed term loan to be entered into at closing. (Press Release)

On September 12, Capital Product Partners (CPLP) announced the successful acquisition of three 5,023 TEU container vessels from its sponsor Capital Maritime & Trading Corp. for an aggregate purchase price of $195 million. Each of the three Vessels was built in 2013 at Hyundai Heavy Industries. Co. Ltd. and each Vessel is employed under a 12 year time charter employment (+/- 60 days) to Hyundai Merchant Marine Co. Ltd. at a gross rate of $29,350 per day. The charters commenced shortly after the delivery of the Vessels during the first half of 2013. (Press Release)

On September 13, Alerian announced changes to various MLP related indices. (Press Releases)

The MLP Protocol Monthly Analytics Report for September is now available, the October 2013 report will be available the weekend of September 27.

MLP Protocol Weekly Snapshot report: (click to open) MLPP 091313 Snapshot vFree

About Philip Trinder

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