MLP Protocol 092013

Key Adjustments:

  • Adjusted Navios Maritime Partners (NMM) for the delivery on the Navios Joy, additional detail below.
  • Adjusted NGL Energy Partners (NGL) for a 4.1 million common unit offering at $32.28 on September 19 (4.3% discount to prior close).
  • Adjusted Navios Maritime Partners (NMM) for a 5 million common unit offering at $14.26 on September 19 (4.5% discount to prior close).

News Items:

On September 16, Summit Midstream Partners LP(SMLP) announced a new, long-term gas purchase agreement with privately held Aux Sable Midstream LLC for liquids-rich natural gas gathered on SMLP’s Bison gathering system. (Press Release)

On September 17, Navios Maritime Partners (NMM) announced that the Navios Joy, a newbuilding capsize vessel of 181,389 dwt, was delivered to its fleet on September 11, 2013. The Navios Joy has been chartered out to an investment grade counterparty for three years at a rate of $19,000 net per day ($20,000 gross) and is expected to generate approximately $4.6 million annual EBITDA. (Press Release)

On September 17, Enterprise Products Partners (EPD) announced that the seventh natural gas liquids (“NGL”) fractionator at the partnership’s Mont Belvieu, Texas complex is now operational. The new unit, which has the capability to fractionate up to 85,000 barrels per day (“BPD”) of NGL, increases total fractionation capacity at Enterprise’s Mont Belvieu facility to 570,000 BPD. (Press Release)

On September 19, Plains All American Pipeline (PAA) and Enterprise Products Partners (EPD) announced they have agreed to expand their Eagle Ford Joint Venture (JV) crude oil pipeline. The expansion will increase the pipeline’s capacity to 470,000 barrels per day of light and medium crude oil grades to accommodate additional volumes expected from PAA’s Cactus pipeline that is currently under construction. The Eagle Ford JV pipeline expansion is expected to cost approximately $120 million and is expected to be in service in the second quarter of 2015. (Press Release)

IPO Filings:

Yesterday I published an article on Seeking Alpha discussing Kinder Morgan and the recent Hedgeye controversy regarding their maintenance capital expenditures: Kinder Morgan And U.S. Pipeline System Age, Maintenance And Incidents.

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 092013 Snapshot vFree

About Philip Trinder

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