MLP Protocol 030813

Key adjustments from last week:

  • Adjusted WPZ for an 11.25 million unit equity offering at $49.14 and the private placement of an additional 3 million units to Williams Companies, Inc. (WMB) on March 4.
  • Adjusted QRE for the recently announced conversion of 80% of the current General Partner Management Incentive fee into 6.1 million common units.
    • This conversion may have been misunderstood by some market participants and seems to have caused some selling pressure on Wednesday.
    • I used the weakness to add to my QRE position early on Thursday morning (and also sold some puts on Wednesday afternoon).

Free Weekly Snapshot Changes:

  • Added the Risk Rating and Current Position info for the top yielding MLPs by segment.
  • I don’t want to mislead people into thinking that just because it has the highest yield it is a good investment and I am now short some of the names, so want to fully disclose things.

Subscriber Version Weekly Snapshot Changes:

  • Added a page with the Top 10 ranked MLPs by 3YR FYAT, Enterprise Value / Adjusted EBITDA, Price / Distributable Cash Flow per LP Unit and 3YR FYAT / VCR.
  • Dropped the VCR ranking pages since the composite ratio 3YR FYAT / VCR rankings are the end result and more important.
  • Updated and included the full Upstream MLP peer group section from the monthly report now that additional upstream MLPs have filed their 10-Ks and it is now more complete (CEP, LRE and PSE are still pending on their 10-Ks so their data is updated based on their earnings releases). This updated section now replaces the section in the full March monthly report sent last week.
    • Added a 4Q 2012 production mix chart.
    • Swapped out the VCR ranking chart for a Price / Distributable Cash Flow per LP Unit ranking chart (plan to do this for all segment ranking pages in the April monthly report).

The MLP Protocol Monthly Analytics Report for March is now available, the April 2013 report will be available after March 29th.

MLP Protocol Weekly Snapshot report: MLPP 030813 Snapshot vFree

About Philip Trinder

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