MLP Protocol 020813

Key adjustments from last week:

  • Adjusted EPD for an 8.0 million unit equity offering at $54.56 on February 4 (also for all equity offerings the adjustments always assume that the full 15% overallotment is sold in addition to the base deal).
  • Adjusted BBEP for a 13.0 million unit equity offering at $19.86 on February 6.
  • Added New Source Energy Partners LP (“NSLP”) to the Upstream MLP segment after its successful IPO at $20 on February 7.
  • A total of 92 4Q 2012 distributions have been announced with 47 increases, 41 held flat and 4 decreases (Variable Rate MLPs RNF, UAN, TNH and Coal MLP OXF).
  • Variable Rate Refining MLPs NTI and ALDW will announce 4Q12 distributions next week. ALDW’s will be prorated for the part of the quarter that it was publicly traded after its IPO.
  • All 3 Variable Rate Refining MLPs (NTI, ALDW, CVRR) will typically be at the tail end of quarterly announcements because they are all set-up to pay distributions within 60 days of quarter end vs. the typical 45 days of the rest of the MLP space.
  • Added an Enterprise Value / Adjusted EBITDA Multiple chart, grouped and ranked by segment. (Subscriber Version)

The MLP Protocol Monthly Analytics Report for February is now available, the March 2013 report will be available after March 1st.

MLP Protocol Weekly Snapshot report: MLPP 020813 Snapshot vFree

About Philip Trinder

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